MIG HOLDINGS S.A.
Marfin Investment Group to acquire a controlling interest in Sunce Koncern d.d.
Marfin Investment Group ("MIG") announces that it has signed an agreement with the shareholders of Sunce Koncern d.d. ("Sunce") for the acquisition of a controlling equity interest in the company.
Sunce is one of the largest Croatian groups in the tourism and leisure sector. The company owns and operates 11 hotels (approx. 5,000 beds) situated in prime locations along the Adriatic coast under the Blue Sun Hotels & Resorts brand. The hotels also include 1 conference centre (800 seats), 26 tennis courts (WTA and ITF events) and 3 wellness/ SPA centres.
Finally, Sunce owns as well a majority stake in the airport of Brac Island and over 860,000 square meters of land of the highest quality (T1 rated) fully permissioned for construction and development.
Today, Sunce is a clear and recognised leader in Croatia's renowned and fast growing tourism industry, and thanks to its strong brand recognition and development projects it is set to strengthen further its position as a showcase of Croatia.
In the context of the transaction, Sunce and MIG will participate (90%) in the realisation of the health-tourism project Stubicke Toplice, based on the model of Public to Private Partnership with the County of Krapina and Zagorje, won by the company through a competitive tender in late 2007. The project will create one of the largest health-tourism complexes in the region, with 2 hospitals and 3 hotels (over 1,100 beds) plus a whole array of wellness, recreational and business facilities.
Total consideration to be paid by MIG is Eur 155m for approximately 75% of Sunce. Furthermore, MIG plans on undertaking substantial additional investments in the business post-acquisition, leveraging on its strong current position and expanding in all sectors currently covered by the company.
On the occasion of signing of the memorandum of understanding, Mr. Jako Andabak (Chairman of Sunce) made the following statement:
"We are thrilled to welcome MIG as a majority shareholder of our Group in a move that will allow Sunce to meet its exciting growth challenges from a position of substantial financial and strategic advantage".
Mr. Andreas Vgenopoulos (Executive Vice-Chairman of MIG) stated:
"MIG is delighted by this first investment in Croatia, a country with excellent growth prospects and a leading tourism sector. This investment fits perfectly MIG's regional and sectorial strategy, and it represents an investment in three of MIG's stated key sectors, ie Tourism & Leisure, Healthcare and Infrastructure.
The Sunce acquisition is further testament to MIG's regional reach and ability to source significantly value accretive transactions for its shareholders, as well as its commitment to further investments in Croatia. Last but not least, we are truly delighted to be striking a longer term partnership with Mr. Andabak, potentially spanning other sectors in Croatia".
The transaction is subject to satisfactory completion of due diligence and is expected to close in the second quarter of 2008, following the receipt of all necessary approvals.
Sunce is one of the largest Croatian groups in the tourism and leisure sector. The company owns and operates 11 hotels (approx. 5,000 beds) situated in prime locations along the Adriatic coast under the Blue Sun Hotels & Resorts brand. The hotels also include 1 conference centre (800 seats), 26 tennis courts (WTA and ITF events) and 3 wellness/ SPA centres.
Finally, Sunce owns as well a majority stake in the airport of Brac Island and over 860,000 square meters of land of the highest quality (T1 rated) fully permissioned for construction and development.
Today, Sunce is a clear and recognised leader in Croatia's renowned and fast growing tourism industry, and thanks to its strong brand recognition and development projects it is set to strengthen further its position as a showcase of Croatia.
In the context of the transaction, Sunce and MIG will participate (90%) in the realisation of the health-tourism project Stubicke Toplice, based on the model of Public to Private Partnership with the County of Krapina and Zagorje, won by the company through a competitive tender in late 2007. The project will create one of the largest health-tourism complexes in the region, with 2 hospitals and 3 hotels (over 1,100 beds) plus a whole array of wellness, recreational and business facilities.
Total consideration to be paid by MIG is Eur 155m for approximately 75% of Sunce. Furthermore, MIG plans on undertaking substantial additional investments in the business post-acquisition, leveraging on its strong current position and expanding in all sectors currently covered by the company.
On the occasion of signing of the memorandum of understanding, Mr. Jako Andabak (Chairman of Sunce) made the following statement:
"We are thrilled to welcome MIG as a majority shareholder of our Group in a move that will allow Sunce to meet its exciting growth challenges from a position of substantial financial and strategic advantage".
Mr. Andreas Vgenopoulos (Executive Vice-Chairman of MIG) stated:
"MIG is delighted by this first investment in Croatia, a country with excellent growth prospects and a leading tourism sector. This investment fits perfectly MIG's regional and sectorial strategy, and it represents an investment in three of MIG's stated key sectors, ie Tourism & Leisure, Healthcare and Infrastructure.
The Sunce acquisition is further testament to MIG's regional reach and ability to source significantly value accretive transactions for its shareholders, as well as its commitment to further investments in Croatia. Last but not least, we are truly delighted to be striking a longer term partnership with Mr. Andabak, potentially spanning other sectors in Croatia".
The transaction is subject to satisfactory completion of due diligence and is expected to close in the second quarter of 2008, following the receipt of all necessary approvals.