Brief: Getin Holding Signs Conditional Deal On Sale Of 100% Stake In Idea Bank Ukraine
12/11/2021 07:39
Nov 12 (Reuters) - Getin Holding SA GTN.WA :
* SAID ON WDNESDAY THAT IT HAS SIGNED CONDITIONAL DEAL TO
SELL
100% STAKE IN IDEA BANK UKRAINE TO JSC FIRST UKRAINIAN
INTERNATIONAL BANK
* UNDER DEAL, PRICE OF IDEA BANK UKRAINE SHARES WILL BE EURO
EQUIVALENT OF BANK'S TOTAL NET ASSETS MULTIPLIED BY 1,072, PLUS
BANK'S NET PROFIT GENERATED IN PERIOD FROM 1 JAN 2022 TO LAST
DAY OF MONTH PRECEDING MONTH IN WHICH DAY ON WHICH LAST
CONDITION PRECEDENT IS FULFILLED BY BUYER FALLS
* PURSUANT TO PROVISIONS OF AGREEMENT, ISSUER ON DATE OF
TRANSFER
OF OWNERSHIP OF SHARES WILL RECEIVE PRICE REDUCED BY 95 MLN UAH.
THIS AMOUNT SHALL BE RETAINED BY BUYER TO SECURE POTENTIAL
CLAIMS OF BUYER RELATED TO QUALITY OF BANK'S CREDIT PORTFOLIO
AND THEN PAID TO ISSUER IN TWO INSTALMENTS AFTER FIRST AND
SECOND ANNIVERSARY FROM CLOSING DATE
* TRANSFER OF IDEA BANK UKRAINE SHARES WILL TAKE PLACE UPON
FULFILMENT OF THE CONDITIONS SET FORTH IN AGREEMENT
* TRANSFER OF BANK SHARES IS EXPECTED TO TAKE PLACE NO LATER
THAN
25 FEB 2022 OR SUCH OTHER LATER DATE AS PARTIES MAY AGREE
Source text for Eikon: urn:newsml:reuters.com:*:nEM5rq5N2a
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