September 20 (SeeNews) - Croatia's hotel operator Valamar Riviera [ZSE:RIVP-R-A] said on Tuesday it signed a share purchase and transfer agreement for a 50.08% stake in local peer Imperial for 260.8 million kuna ($41.8 million/37.4 million euro).
The deal was signed between Valamar and the Republic of Croatia, the State Agency for Deposit Insurance and Bank Resolution, the Croatian Pension Insurance Institute and the Restructuring and Sale Center, which together held 318,446 shares in Imperial, Valamar Riviera said in a statement on the Zagreb bourse.
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Valamar has 30 days to pay for the state-owned stake.
In July, Croatia's state-run center for enterprise restructuring and privatization, CERP, said it has accepted Valamar's bid for a majority stake in Imperial.
The company said earlier it has concluded a partnership agreement with mandatory private pension insurance fund AZ, which holds a 9.45% stake in Imperial, for joint action towards acquiring the Rab-based hotel operator.
(1 euro=7.51057 Croatian kuna)