Sonae Group’s sale of 24.99% of Sonae MC to CVC Strategic Opportunities, which was announced this Saturday, July 31, comes almost three years after a public offering to sell shares in the retail company, which would disperse up to 25% of the company’s shares. your capital.
On October 11, 201, just one week after the approval of the CMVM prospectus, the Maia Group announced its withdrawal from OPA, citing “unfavorable conditions in the international markets.”
In the prospectus, Sonae estimates gross revenues at 358.6 million euros, “based on the maximum value in the offer price range,” the prospectus says. This was the placement cost of 217.36 million shares, or 21.736%, excluding additional shares (up to 25%) that could still be placed in institutional shares.
Taking into account the maximum value of the price range, as well as this additional placement, which will be determined later, the maximum cash flow could be 412 million euros. At the minimum price, cash inflows could be 304 million and 349.9 million, respectively, with 21.736% or 25%.
Result: Sonae MC’s price range ranged from € 1.4 billion to € 1.65 billion.
Sonae has now reached an agreement with CVC Strategic Opportunities to sell a 24.99% stake for € 528 million, plus a conditional deferred payment of up to € 63 million, valuing Sonae’s retail division at € 2.1 billion to € 2.4 billion.
After 33 months of an unsuccessful takeover bid, Sonae sold roughly the same share in Sonae MC for an amount estimated between 400 and 700 million euros.
Besides Continente, the Sonae MC insignia palette includes many others such as Continente Modelo, Continente Bom Dia, MeuSuper, Go Natural, Bagga, Wells, Dr. Wells, Zu or Note.
