Brief: KME Unit Signs Business Combination Deal For Equity Transaction In Cunova

KME SpA

20/02/2024 11:39

Feb 20 (Reuters) - KME Group SpA  KME.MI :
    * UNIT SIGNS BUSINESS COMBINATION DEAL FOR EQUITY
TRANSACTION
RELATING TO CUNOVA
    * CUNOVA WILL BE INDIRECTLY BOUGHT BY LISTED COMPANY
    * UNDER TERMS, CUNOVA TO ACQUIRE INDIRECTLY KME AEROSPACE
FROM KME
GROUP, COMBINED COMPANY IS EXPECTED TO BE LISTED ON NYSE
    * KME UNIT WILL CONVERT ITS CUNOVA'S 45% STAKE INTO COMBINED
COMPANY LISTED IN NYSE
    * AS RESULT OF TRANSACTION, KME TO HOLD MAJORITY STAKE OF
SHARE
CAPITAL OF COMBINED COMPANY LISTED ON NYSE, TO RECEIVE CASH
PROCEEDS IN THE AMOUNT OF $20 MILLION
    * PARAGON TO DISPOSE ALL STAKES IN CUNOVA
    * COMPLETION OF BUSINESS COMBINATION, WHICH IS EXPECTED IN
Q2
2024, IS SUBJECT TO VARIOUS CLOSING CONDITIONS, INCLUDING
REGULATORY APPROVAL
    * AT CLOSING, COMBINED COMPANY EXPECTED TO HAVE PRO-FORMA
VALUE OF
AROUND $736 MLN, COMPRISED OF PRO FORMA NET DEBT OF $289 MLN,
EQUITY VALUE OF APPROXIMATELY $447 MILLION, OF WHICH AROUND 60%
HELD BY KME SE

Further company coverage:  KME.MI 

 (Reporting by Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48587720920;))