Zurich / CH. (aag) Swiss-Irish Aryzta AG announced that it has received a binding offer from Invest Group Zouari (IGZ) to sell the majority of its interest in Picard. Transaction highlights:
- Consideration for the 43 percent stake of EUR 156 million which, combined with prior Picard dividend income of EUR 91 million, represents a total of EUR 247 million
- Transaction exit multiple of 9.2x reported Ebitda as of March 2019
- Aryzta retains 4.5 percent in Picard, to be monetised at a later stage
Aryzta’s net proceeds from its non-core asset disposal programme represent EUR 380 million including this transaction. The Board of Aryzta believes the terms of this transaction to be fair and reasonable and in the best interest of the Group as a whole. Aryzta has received independent legal and financial advice to support this conclusion.
Kevin Toland, Aryzta’s CEO, commented: «The binding offer from IGZ for our interest in Picard represents the earliest practicable opportunity to realise the maximum deliverable value for Aryzta. On completion of this transaction, Aryzta will realise some 85 percent of its asset disposal objective. The steps we have taken in 2019 have established clear foundations on our path towards stability, performance and growth.»
The transaction is subject to customary regulatory approvals and a works council consultation process in France. The transaction is expected to close in the last quarter of calendar year 2019. Aryzta will announce its FY19 results on 08 October 2019.