(Alliance News) - Cellularline Spa announced Friday that Worldconnect AG's minority shareholders, Samuel Gerber and CAE Invest AG, have each exercised their put option to sell 10% of Worldconnect's share capital to Cellularline.

Cellularline thus comes to hold a 90% controlling stake in Worldconnect.

The transaction is part of the investment agreement signed in 2020 to acquire 80 percent of the share capital of Worldconnect, the world leader in the premium travel adapter market.

The consideration for the transaction is calculated on the basis of an enteprise value/Ebitda multiple of 7 times 2023 Ebitda and will be paid in cash in the total amount of CHF621,628.11 and in part through 339,459 Cellularline shares equal to about 1.6 percent of the share capital.

As part of the transaction, a number of conditions were redefined regarding the put option agreement with Worldconnect's minority shareholder Samuel Gerber for the two remaining tranches - corresponding to 10 percent of Worldconnect's share capital - including the postponement to the approval of the December 31, 2028 financial statements of the right to exercise the put option related to the year-end 2022.

Cellularline, if the put options are not exercised on time, will have the right to exercise the related call options with the approval of the financial statements for the year ending December 31, 2024, and with the approval of the financial statements for the year ending December 31, 2028, until July 1, 2029.

Cellularline closed in the green by 0.4 percent at EUR2.64 per share.

By Chiara Bruschi, Alliance News reporter

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