Dcoop and Aceites del Sur (Acesur) have won the bidding for the company with an offer valuing it at 520 million euros. The operation will allow the group owning brands such as Carbonell and Koipe to remain in Spanish hands, ending the control of investment funds CVC and Alchemy.
The Board of Directors of Deoleo (OLE) announces that on Wednesday, the company, together with other partners of its subsidiary Deoleo Holding, S.L., has signed a binding purchase agreement for shares with Aceites del Sur – Coosur, S.A (Acesur) and Dcoop, S. Coop. And. for the sale of the shares representing, in total, approximately 91.99% of the share capital of Deoleo Holding, including all the shares held by the company.
It is expected that additional partners of Deoleo Holding will join the Purchase Agreement as sellers. Thus, the total participation that is transferred could reach 100% of its share capital.
Once the operation provided for in the Purchase Agreement is completed, the company will have transferred all its participation in Deoleo Holding and the Buyers will indirectly acquire the business developed by Deoleo Holding and its subsidiaries, under the terms and conditions described below.
The Operation involves an enterprise value of Deoleo Holding of 520,000,000.00 euros, referring to 100% of its capital. The final consideration that will correspond to Deoleo for its 50.99% participation in Deoleo Holding will be determined with reference to the equity value attributable to that participation, calculated by adjusting the implied enterprise value for the net financial debt of Deoleo Holding at the closing date and for the excess or deficit of working capital and other usual items in this type of adjustments, as of the agreed reference date, regarding the target amount of working capital set in the Purchase Agreement, applying in all cases the determination and adjustment mechanisms provided for in that contract.