Brief: Turcas Petrol Signs Share Purchase Agreement With Albioma SA For Sale Of %100 Shares In Unit Turcas Kuyucak At $24.3 Mln In Cash

Turcas Holding

22/12/2021 05:45

Dec 22 (Reuters) - TURCAS PETROL  TRCAS.IS :
    * SAID ON TUESDAY HAS SIGNED SHARE PURCHASE AGREEMENT WITH
ALBIOMA
SA FOR THE SALE OF %100 SHARES IN UNIT TURCAS KUYUCAK 
    * COMPLETION OF THE TRANSACTION REMAINS MAINLY SUBJECT TO
OBTAINING THE NECESSARY APPROVALS FROM THE RELATED REGULATORY
AUTHORITIES AND CONSENT OF THE CREDITOR BANK OF TURCAS KUYUCAK,
AS WELL AS THE FULFILLMENT OF THE OTHER CONDITIONS PRECEDENT SET
FORTH IN THE SPA
    * BASED ON AN ENTERPRISE VALUATION OF $63.7 MILLION; NET
DEBT OF
$39.5 MILLION WILL BE ACCEEDED BY THE BUYER, AND CASH PAYMENTS
OF $24.3 MILLION WILL BE MADE TO TURCAS PETROL AS SHARE SALES
PROCEEDS 
    * THE FINAL CONSIDERATION MAY INCREASE BY AN ADDITIONAL
INTEREST
AMOUNT DEPENDING ON THE TIME PERIOD BETWEEN 2021 YEAR END AND
THE DATE OF CLOSING OF THE TRANSACTION
    * FURTHER PAYMENTS, TOTAL OF WHICH ARE EXPECTED TO BE AROUND
$4.5
MILLION MIGHT BE PAID TO THE SELLER IN CASE AND AT THE DATE OF
THE ACHIEVEMENT OF CERTAIN CONDITIONS WITH REGARDS TO THE
REALIZATION OF A POTENTIAL CAPACITY EXTENSION (NEW POWER PLANT)
INVESTMENT BY THE BUYER WITHIN THE SAME CONCESSION ZONE

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nIKA20Gh7D
 Further company coverage:  TRCAS.IS  

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