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Wittur Holding GmbH: Wittur Group launches financing of Sematic acquisition. Cash consideration to be debt financed with start of loan syndication on Tuesday, October 6, 2015
DGAP-News: Wittur Holding GmbH / Key word(s): Financing
Wittur Holding GmbH: Wittur Group launches financing of Sematic
acquisition. Cash consideration to be debt financed with start of loan
syndication on Tuesday, October 6, 2015
06.10.2015 / 16:30
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PRESS RELEASE
Wittur Group launches financing of Sematic acquisition. Cash consideration
to be debt financed with start of loan syndication on Tuesday, October 6,
2015
Wiedenzhausen, October 6, 2015 - The Wittur Group (ISIN: XS1188024548,
XS1188025438) will launch a loan syndication today, Tuesday October 6, 2015
for the financing of the recently announced Sematic acquisition. On August
10, 2015, Wittur and the current shareholders of Sematic, which are
indirectly owned by The Carlyle Group and members of the Zappa family,
signed an agreement regarding the acquisition of 100% of the share capital
of Sematic by Wittur. As consideration the sellers will receive cash and a
minority stake in the combined entity. The transaction is valued at EUR 210
million. It is fully underwritten and is intended to be debt financed by a
EUR 180 million Term Loan B add-on. The remaining financing is expected to
come from existing liquidity. The coordinators of the deal are Credit
Suisse Securities (Europe) Limited, Barclays Bank PLC and Deutsche Bank AG,
London Branch.
The acquisition of Sematic is an important milestone in Wittur's growth
path as one of the leading diversified global suppliers in the outsourced
elevator components market. It is also expected to improve Wittur's
customer diversification through a more balanced Multinational Customer
("MNC") base and a higher share of Independents. Geographic diversification
will increase through a higher exposure to the European market, first-time
access to the North American market via Sematic's existing footprint as
well as further diversification within the Asia Pacific region. The deal
also improves cross-selling opportunities from the complementary product
offerings and increases the presence in the recurring aftermarket and
modernization business. Positive benefits are also expected from synergies
arising primarily from procurement and efficiency gains. In addition, the
combined entity is intended to benefit from a larger scale, sharing best
practices across its global footprint and from best-in-class innovation by
merging two highly advanced R&D teams.
A presentation with additional public information provided to potential
lenders in connection with the launch of syndication will be available on
PRESS RELEASE
Wittur Group launches financing of Sematic acquisition. Cash consideration
to be debt financed with start of loan syndication on Tuesday, October 6,
2015
Wiedenzhausen, October 6, 2015 - The Wittur Group (ISIN: XS1188024548,
XS1188025438) will launch a loan syndication today, Tuesday October 6, 2015
for the financing of the recently announced Sematic acquisition. On August
10, 2015, Wittur and the current shareholders of Sematic, which are
indirectly owned by The Carlyle Group and members of the Zappa family,
signed an agreement regarding the acquisition of 100% of the share capital
of Sematic by Wittur. As consideration the sellers will receive cash and a
minority stake in the combined entity. The transaction is valued at EUR 210
million. It is fully underwritten and is intended to be debt financed by a
EUR 180 million Term Loan B add-on. The remaining financing is expected to
come from existing liquidity. The coordinators of the deal are Credit
Suisse Securities (Europe) Limited, Barclays Bank PLC and Deutsche Bank AG,
London Branch.
The acquisition of Sematic is an important milestone in Wittur's growth
path as one of the leading diversified global suppliers in the outsourced
elevator components market. It is also expected to improve Wittur's
customer diversification through a more balanced Multinational Customer
("MNC") base and a higher share of Independents. Geographic diversification
will increase through a higher exposure to the European market, first-time
access to the North American market via Sematic's existing footprint as
well as further diversification within the Asia Pacific region. The deal
also improves cross-selling opportunities from the complementary product
offerings and increases the presence in the recurring aftermarket and
modernization business. Positive benefits are also expected from synergies
arising primarily from procurement and efficiency gains. In addition, the
combined entity is intended to benefit from a larger scale, sharing best
practices across its global footprint and from best-in-class innovation by
merging two highly advanced R&D teams.
A presentation with additional public information provided to potential
lenders in connection with the launch of syndication will be available on
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