Brief: Villeroy & Boch AG - Acquires Ideal Standard Group
18/09/2023 07:01
Sept 18 (Reuters) - Villeroy & Boch Ag VIBG_p.DE :
* VILLEROY & BOCH ACQUIRES IDEAL STANDARD GROUP
* SIGNED BINDING AGREEMENTS TO ACQUIRE ALL OF OPERATING
COMPANIES
IN IDEAL STANDARD GROUP
* IDEAL STANDARD SHARES ARE BEING SOLD BY FUNDS UNDER
MANAGEMENT
OF ANCHORAGE CAPITAL GROUP AND CVC CREDIT
* ALL GROUP OPERATING COMPANIES ARE COVERED BY TRANSACTION,
INCLUDING BUSINESS ACTIVITIES IN MIDDLE EAST AND AFRICA
PREVIOUSLY OPERATED BY IDEAL STANDARD GROUP IN A JOINT VENTURE
WITH ROOTS GROUP ARABIA
* SHAREHOLDER LOANS AMOUNTING TO NO MORE THAN APPROXIMATELY
EUR 93
MILLION WILL BE CARRIED FORWARD
* TOTAL ACQUISITION PRICE IS BASED ON A COMPANY VALUATION OF
APPROXIMATELY EUR 600 MILLION
* VILLEROY & BOCH IS FINANCING TRANSACTION FROM ITS OWN
LIQUID
FUNDS AND WITH BORROWING OF EUR 250 MILLION
* TRANSACTION IS EXPECTED TO BE CONCLUDED IN EARLY 2024
Source text for Eikon: ID:nEQ5chr4Ta
Further company coverage: VIBG_p.DE
(Reporting by Berlin Newsroom)
((berlin.newsroom@thomsonreuters.com;))