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Posta Slovenije signs deal to buy 72% of Intereuropa's shares

Posta Slovenije signs deal to buy 72% of Intereuropa's shares Author: Intereuropa. License: All rights reserved.

LJUBLJANA (Slovenia), May 10 (SeeNews) –  Slovenia’s Intereuropa [LJE:IEKG] said on Friday that a group of banks has signed an agreement with Posta Slovenije for the sale of 72.13% of all shares of the logistics group to the state-owned postal services operator.

The sellers of the shares - SID Banka, Nova Ljubljanska Banka, Gorenjska Banka, Nova KBM, SKB Banka, and Banka Intesa Sanpaolo have also informed Intereuropa that the shares will be transferred to the buyer following the fulfilment of certain suspensive conditions, the company said in a statement.

These conditions include a decision from the Slovenian competition protection agency on the compliance of the transaction with competition rules, and confirmation that the buyer will then publish a takeover bid for the purchase of the remaining shares of Intereuropa.

“Intereuropa was not notified by the sellers of the shares about the value of the transaction or other significant elements of the agreement on the sale and purchase of the shares,” the company added.

According to Slovenian media reports, Posta Slovenije will acquire 72% of the share capital of Intereuropa for 105 million euro ($118.4 million).

The Slovenian postal services operator has placed a higher bid than the other potential buyer of Intereuropa, UK-based freight forwarder Xpediator, and its offer was preferred by the sellers SID Banka, Nova Ljubljanska Banka, Gorenjska Banka, SKB Group and Intesa Sanpaolo, news daily Vecer reported on Monday.

Posta Slovenije has committed to assume a 70 million debt of Intereuropa and expects to close the transaction in the coming months, Vecer said.

The acquisition of Intereuropa is in line with the business plan of Posta Slovenije, which faces a decline of the classical postal business, and expects to increase its revenue via the purchase of Intereuropa. In 2017, Intereuropa generated revenue of 105 million euro, and by 2022 the revenue is expected to exceed 210 million euro, the daily added.

($ = 0.89237 euro)