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BRIEF-DeA Capital unit completes transaction relating to put option on 9.75 pct stake in Migros
June 1, 2017 / 7:19 AM / 6 months ago

BRIEF-DeA Capital unit completes transaction relating to put option on 9.75 pct stake in Migros

June 1(Reuters) - DEA CAPITAL SPA:

* SAID ON WEDNESDAY THAT ITS SUBSIDIARY KENAN INVESTMENTS COMPLETED THE TRANSACTIONS RELATING TO A PUT OPTION ON A STAKE OF 9.75 PCT IN MIGROS

* THE TERMS AND CONDITIONS OF THE OPTION WERE DEFINED IN AGREEMENTS SIGNED IN 2015 WITH TURKISH GROUP ANADOLU WHEN THE LATTER ACQUIRED A 40.25 PCT CO-CONTROLLING STAKE IN THE SUPERMARKET CHAIN FROM THE TOTAL 80.5 PCT STAKE HELD AT THE TIME BY KENAN INVESTMENTS

* THE TRANSACTION, WHICH WAS COMPLETED AT A PRICE OF 30.2 TURKISH LIRA PER MIGROS SHARE, HAS GENERATED PROCEEDS OF AROUND EUR 105 MILLION FOR KENAN INVESTMENTS, NET OF EXPENSES, TAXES AND AN AMOUNT HELD IN ESCROW UNTIL 2020 TO COVER POTENTIAL TAX LIABILITIES

* FOLLOWING THE RESPECTIVE SHAREHOLDER RESOLUTIONS OF KENAN INVESTMENTS, DEA CAPITAL WILL SHORTLY COLLECT APPROXIMATELY EUR 17.8 MILLION FROM THE ABOVE TRANSACTION, WITH THE GROUP REALISING A CAPITAL GAIN OF EUR 3.8 MILLION

* FOLLOWING THE TRANSACTION, KENAN INVESTMENTS HOLDS A 30.5 PCT STAKE IN MIGROS, VIA AN INDIRECT PRO-RATA STAKE HELD BY DEA CAPITAL OF APPROXIMATELY 5.2 PCT

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Further company coverage: (Gdynia Newsroom)

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