DeA Capital: divestiture of remaining stake in Migros completed
Overall capital gain of over 70 million euros
DeA Capital SpA announces that its subsidiary Kenan Investments (approximately 17% of the capital) has completed the sale, through accelerated book-building, of the residual stake held in Migros (equal to approximately 12% of the latter's capital). Following the transaction, DeA Capital received distributions for € 17 million, which brought the total proceeds received from Kenan Investments to approximately € 247 million, against the investment made in 2008 for € 175 million ( with a cumulative capital gain of approximately 72 million euros).
As part of the planned liquidation of Kenan Investments, further distributions of up to 3 million euros are expected in favor of DeA Capital. The liquidity currently held by the holdings companies, DeA Capital SpA and DeA Capital Partecipazioni, is positive for over 90 million euros (without bank debt).
Paolo Ceretti, CEO of the Group, declared: “Since 2008 we have accompanied the development of Migros, a leading large-scale retail operator in Turkey, which has more than doubled its points of sale and quintupled its revenues and operating margins, with a very high investment performance. relevant taking into account the events that took place during the period. Following the completion of this transaction, essentially the last remaining in terms of the enhancement of the direct private equity portfolio, we can focus even more on the development of our alternative asset management platform, in the context of which we have already exceeded 23 billion of Euro under management. Thanks also to the solid financial situation, we will continue to actively support the initiatives promoted by the platform and in parallel we will evaluate the opportunities to accelerate growth that may arise out of the current crisis phase".
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