Following the go-ahead given by Italian Antitrust authority, the sale ofthe Rinascente S.r.l. operating company by R/U – Rinascente Upim (of which Prelios owns20%, Investitori Associati 46%, RREEF-Deutsche Bank Group 30% and Tasso 4%) to CentralRetail Corporation (CRC) has been finalized today.
The sale consideration is €205 million (equity value), reflecting an estimated enterprise value ofaround €260 million, corresponding to an implied multiple of approximately 11 times the 2010EBITDA of Rinascente.
The price has been judged to be fair, also on the basis of the fairness opinion issued byUnicredit, the advisor of R/U in the sale.
The transaction allows Prelios to optimize its investment in a business that it no longerconsiders to be strategic, by realizing a total gain of some €28 million. The sale is expected toimprove the net financial position by around €31 million.
The transaction advisors on behalf of Prelios, Investitori Associati and RREEF-Deutsche BankGroup were Citi, lawyers Gilberti and Pappalettera, and Professor Anelli.