Brief: Sonae Reaches Agreement With Bankinter To Create Joint-Venture

Sonae SGPS SA

31/03/2023 08:55

March 31 (Reuters) - Sonae SGPS  YSO.LS :
    * SONAE SGPS AGREED WITH BANKINTER CONSUMER FINANCE ENTRANCE
OF
LATTER IN EQUITY OF UNIVERSO RESULTING IN CREATION OF A JOINT
VENTURE
    * CLOSING OF TRANSACTION IS EXPECTED TO OCCUR IN SECOND HALF
OF
2023
    * TRANSACTION WILL ALLOW SONAE TO ESTABLISH 50/50
PARTNERSHIP WITH
REFERENCE BANKING OPERATOR SUCH AS BANKINTER
    * UNDERLYING EQUITY VALUE OF UNIVERSO OF APPROXIMATELY 45
MILLION
EUROS, INVOLVES SALE OF 50% OF SHARE CAPITAL FOR SOME 19 MILLION
EUROS
    * AGREEMENT ALSO INCLUDES AN ADDITIONAL PAYMENT OF UP 5
MILLION
EUROS, CONTINGENT AND DEFERRED BY 5 YEARS AFTER COMPLETION OF
TRANSACTION
    * TRANSACTION TERMS AIM FOR DECONSOLIDATION OF SONAE'S
CURRENT
100% STAKE IN UNIVERSO, WITH NEW 50% STAKE BEING REGISTERED BY
EQUITY METHOD
    * COMPLETION OF TRANSACTION WILL RESULT IN ESTIMATED CAPITAL
GAIN
OF 12 MILLION EUROS

Source text: https://bit.ly/3KmBDKf
Further company coverage:  YSO.LS   BKT.MC 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))