checkAd

    EQS-Adhoc  169  0 Kommentare United Internet AG: Non-scheduled, non-cash impairment on Tele Columbus investment

    Für Sie zusammengefasst
    • United Internet AG waives further investments in Kublai GmbH.
    • Expects non-cash impairment loss of around EUR 185 million.
    • Initiates anti-dilution proceedings and arbitration court review.

    EQS-Ad-hoc: United Internet AG / Key word(s): Investment/Strategic Company Decision
    United Internet AG: Non-scheduled, non-cash impairment on Tele Columbus investment

    14-Jun-2024 / 20:10 CET/CEST
    Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
    The issuer is solely responsible for the content of this announcement.


    Montabaur, June 14, 2024. United Internet AG today resolved to make no further investments in the holding company Kublai GmbH (Kublai). Kublai currently holds around 95% of shares in Tele Columbus AG (Tele Columbus).

    Anzeige 
    Handeln Sie Ihre Einschätzung zu United Internet AG!
    Long
    19,00€
    Basispreis
    1,70
    Ask
    × 12,18
    Hebel
    Short
    22,16€
    Basispreis
    0,18
    Ask
    × 11,44
    Hebel
    Präsentiert von

    Den Basisprospekt sowie die Endgültigen Bedingungen und die Basisinformationsblätter erhalten Sie bei Klick auf das Disclaimer Dokument. Beachten Sie auch die weiteren Hinweise zu dieser Werbung.

    Specifically, United Internet is waiving its right to increase its stake in Kublai to 40% again after it was diluted to around 5% in the course of a capital increase in the first quarter of 2024. As a result, United Internet expects a non-cash impairment loss on its investment in Kublai of around EUR 185 million in its Half-year Financial Report 2024.

    In its Interim Statement Q1 2024, United Internet reported that Kublai had conducted a capital increase in the first quarter of 2024 to provide Tele Columbus with equity, in which United Internet did not participate. A further shareholder of Kublai is Hilbert Management GmbH, an indirect subsidiary of Morgan Stanley Infrastructure Inc. (MSI), an infrastructure fund managed by the investment bank Morgan Stanley, which subscribed to the full amount of the capital increase totaling EUR 300 million. This resulted in a dilution of United Internet’s stake in Kublai to around 5% (previously 40%). Until June 17, 2024 (previously agreed: June 6, 2024), United Internet has the option to increase its stake in Kublai back to 40% by acquiring shares from MSI in return for a payment of EUR 120 million.

    United Internet is convinced that the valuation of Tele Columbus AG on which the capital increase is based is significantly too low and that the dilution of the shares held by United Internet is therefore too far-reaching. However, its majority of votes at the shareholders’ meeting enabled MSI to conduct the capital increase on the basis of a valuation determined by MSI. United Internet will now initiate the contractually stipulated anti-dilution proceedings and arrange for an arbitration court to review MSI’s valuation. If the court follows United Internet's opinion based on a valuation commissioned prior to the capital increase, United Internet is entitled to a compensation amount of approximately EUR 300 million.

    Seite 1 von 3


    Diskutieren Sie über die enthaltenen Werte


    EQS Group AG
    0 Follower
    Autor folgen

    Verfasst von EQS Group AG
    EQS-Adhoc United Internet AG: Non-scheduled, non-cash impairment on Tele Columbus investment EQS-Ad-hoc: United Internet AG / Key word(s): Investment/Strategic Company Decision United Internet AG: Non-scheduled, non-cash impairment on Tele Columbus investment 14-Jun-2024 / 20:10 CET/CEST Disclosure of an inside information acc. to Article …

    Schreibe Deinen Kommentar

    Disclaimer