Brief: Investor: Divestment of Grand Group and Grand Hôtel property to FAM

Investor AB

20/04/2021 06:55

April 20 (Reuters) - Investor AB  INVEb.ST :
    * SAYS PATRICIA INDUSTRIES, A PART OF INVESTOR AB, AND ITS
SUBSIDIARY VECTURA, HAVE AGREED TO DIVEST GRAND GROUP AND THE
GRAND HÔTEL PROPERTY, RESPECTIVELY, TO FAM AB
    * THE TRANSACTION INCLUDES THE HOTEL OPERATIONS GRAND HÔTEL,
LYDMAR HOTEL AND THE SPARROW HOTEL, ALL LOCATED IN STOCKHOLM, AS
WELL AS THE GRAND HÔTEL PROPERTY
    * THE TOTAL TRANSACTION VALUE AMOUNTS TO SEK 3.9 BILLION, OF
WHICH
ABOUT SEK 0.3 BILLION FOR GRAND GROUP AND ABOUT SEK 3.6 BILLION
FOR THE GRAND HÔTEL PROPERTY
    * NET PROCEEDS FROM THE TRANSACTION ARE ABOUT SEK 1.5
BILLION
FOLLOWING VECTURA DEBT AMORTIZATION
    * THE TRANSACTION IS EXPECTED TO BE COMPLETED, SUBJECT TO
REGULATORY APPROVAL, DURING Q2 2021

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nNDLM4cWC
    
 Further company coverage:  INVEb.ST  
   


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