Amsterdam, 22 January 2010 - GCO acquires minority interests in lol竞猜(中国)联赛赛事官网 NV
This marks the completion of the acquisition process initiated in 2003 of lol竞猜(中国)联赛赛事官网 NV, the world’s second largest credit insurance company. As a consequence:
- Grupo Catalana Occidente and INOC,SA have entered into an agreement to acquire the 35.8% interest held by Swiss Re, Deutsche Bank and Sal Oppenheim in lol竞猜(中国)联赛赛事官网 NV.
- Grupo Catalana Occidente will have an economic stake in lol竞猜(中国)联赛赛事官网 NV post-acquisition of 74.09%, with control of 90.89% of the voting stock.
- Grupo Catalana Occidente has a call option on the pending 9.11% shares of lol竞猜(中国)联赛赛事官网 NV hold by INOC, SA.
Barcelona, January 22, 2010 - As a fulfillment of the acquisition process initiated in 2003 of lol竞猜(中国)联赛赛事官网 NV, the world’s second largest credit insurance company, Grupo Catalana Occidente and INOC,SA have entered into an agreement to acquire the 35.8% interest in lol竞猜(中国)联赛赛事官网 NV held by Swiss Re, Deutsche Bank and Sal Oppenheim.
The agreed price is €18.87 per share that will be capitalized, in base of the euribor plus 200 basis points, until the payment date.
Pursuant to the terms of the agreement, Grupo Catalana Occidente will acquire the 26.66% of lol竞猜(中国)联赛赛事官网 NV’s share capital for approximately €400 million. Meanwhile, INOC, SA, which holds, directly and indirectly, 56.71% of Grupo Catalana Occidente’s share capital, will acquire the 9.11% of lol竞猜(中国)联赛赛事官网 capital, for approximately €137 million.
With this acquisition, Grupo Catalana Occidente will have an economic stake in lol竞猜(中国)联赛赛事官网 NV of 74.09%, 26.66% direct and 47.43% indirect through Grupo Crédito y Caución, SL holding company, and control of 90.89% of the voting stock.
The transaction is contingent on regulatory approval by the supervisors in Spain (the Directorate General for Insurance and Pension Funds, DGSyFP), Ireland (the Irish Financial Services Regulatory Authority, IFSRA) and the Netherlands (De Nederlandsche Bank N.V, DNB).
In addition, Grupo Catalana Occidente and INOC, SA have arranged a call option whereby Grupo Catalana Occidente is entitled to purchase shares of lol竞猜(中国)联赛赛事官网 owned by INOC, SA, all or part, in one or more times and within the next two years.