15 April 2010 17:35
Price Sensitive extraordinary operations

The IGD Group: preliminary agreement signed for the purchase of the 10% of Win Magazine SA

  • IGD, through its subsidiary Larice S.r.l., already controls  90% of  Win Magazine SA
  • The transaction value of the 10% amounts to €21 million
  • The closing should take place not before 30 April 2010
  • Win Magazine SA was consolidated 100% in the IGD Group’s consolidated financial statements at  31 December 2009 due to a put & call option on the minority interest of 10% and, therefore, the transaction will not have a material impact the Group’s net financial position 

IGD  – Immobiliare Grande Distribuzione SIIQ S.p.A., a company active in the retail real estate sector and listed on the Star segment of the Italian Stock Exchange, announces that today it has signed a preliminary agreement for the purchase of the remaining 10% Win Magazine S.A.’s share capital from Investitori & Partner Immobiliari S.p.A.

Immobiliare Larice S.r.l., a wholly-controlled subsidiary of IGD SIIQ S.p.A., already controlled 90% of Win Magazine S.A. and this equity investment was consolidated 100% in the IGD Group’s financial statements at 31 December 2009 due to a put & call option on the minority interest of 10% exercisable in the period 01/04/2011-30/09/2011. The transaction, therefore, will not have a material impact on the Group’s net financial position.

The 10% interest will be attributed for  9.9% to Immobiliare Larice and for 0.1% to IGD SIIQ S.p.A..

The transaction value amounts to €21 millionand the closing should take place not before30 April 2010.  The price was determined on the basis of net equity adjusted for asset value as per CBRE’s appraisal at 31/12/2009 with a discount of approximately  2.8% given the early exercise of the Put and will be paid in due tranches: the first, a down payment,  of €2.1 million will be madewithin 15 daysof the signing of the above mentioned preliminary agreement, while the remaining €18.9 million will be paid  when title to the shares is effectively transferred to the buyers.