Brief: 2CRSi Acquires 70% Stake In Boston Limited, Earn Outs Depend On EBITDA Targets

2Crsi SA

14/11/2019 18:04

Nov 14 (Reuters) - 2CRSI SA  2CRSI.PA :
    * ACQUISITION OF BOSTON LIMITED: 2CRSI SPEEDS UP ITS
COMMERCIAL
ROLL-OUT TOWARDS INTERNATIONAL GROWTH
    * ACQUISITION OF BOSTON LIMITED
    * 2CRSI BECOMES A 70% SHAREHOLDER IN BOSTON LIMITED FOR AN
UNDISCLOSED SUM AND WILL, ACCORDING TO IFRS RULES, EXERCISE FULL
FINANCIAL CONTROL
    * IN ADDITION TO BASE PRICE, EARN OUTS CONTINGENT ON
ACHIEVING
EBITDA TARGETS FOR 2020 TO 2023 FINANCIAL YEARS WILL BE PAID IN
FUTURE
    * AGREEMENT PROVIDES FOR 2CRSI AN OPTION ENTITLING IT TO
PURCHASE
30% MINORITY STAKE IN CO-FOUNDERS; OPTION CAN BE EXERCISED UP TO
NOVEMBER 2029
    * ACQUISITION WILL BE FINANCED BY A MEDIUM-TERM LOAN THAT IS
PART
OF STRUCTURED FINANCING SYNDICATED BY BNP PARIBAS WITH A BANKING
POOL AND, FOR A MARGINAL PART, WITH EQUITY
    * AT BEGINNING OF 2020, 2CRSI WILL BE ABLE TO COMMUNICATE A
REVISED ROADMAP FOR NEW ENTITY AS MUCH IN TERMS OF LEVEL OF
ACTIVITY AND PROFITABILITY

Source text for Eikon:  ID:nBw2jJs8ma 
Further company coverage:  2CRSI.PA 

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