[ad_1]
LAST UPDATE 22:40
By Alexandra Gitsi
The way is open to change pages in Vivartia. On Monday at noon, MIG’s Board of Directors gave the green light to the proposal presented by CVC Capital for the acquisition of Vivartia.
Informed sources told Capital.gr that Vivartia’s valuation, based on CVC’s proposal, exceeds 600 million euros. Something that makes this agreement important, as they characteristically mentioned, not only for the MIG but also for the national economy.
According to other sources, CVC’s proposal provides for the payment of 175 million euros for the acquisition of 100% of the shares of Vivartia, the return of 50% of the loans that the restaurant sector has to banks and the commitment of the rest of loans. Vivartia has credit institutions.
CVC Capital takes over the total financing of Vivartia, which currently amounts to 425 million euros, raising the total valuation of the company by more than 600 million euros.
The agreement is expected to be completed within the first months of 2021 as the approval of the General Assembly of MIG is required, as well as the green light from the Competition Commission.
It is worth noting that the MIG Board evaluated CVC’s binding offer after taking into account the positive suggestion from financial advisor Rothschild and Ernst & Young Business Advisory Solutions report on the fair and reasonable price offered.
The MIG also reached an agreement in principle with Piraeus, subject to final approvals by the Bank’s competent committees, to extend the repayment period of its outstanding loan by 3 years, with the right to extend it for an additional 1 year, with a reduced interest rate of 3%, of which 1% will be paid in cash and the rest will be capitalized, say informed sources.
