Pošta Slovenije will acquire 9,168,425 ordinary shares and 10,657,965 preference shares at a single price of EUR 1.45 per share. Since the purchase price is significantly lower than the last closing price, it comes as no surprise that the share price of Intereuropa ended the day 5.51% lower at EUR 2.4 per share.

Intereuropa published a document on the Ljubljana Stock Exchange announcing that Pošta Slovenije concluded the agreement for the sale and purchase of shares of Intereuropa. The mentioned agreement was concluded with a consortium of banks which include SID Banka, NLB, Nova KBM, Gorenjska Banka, SKB and Banka Intesa Sanpaolo.

According to the document, Pošta Slovenije will acquire 9,168,425 ordinary shares and 10,657,965 preference shares at a single price of EUR 1.45 per share. The mentioned deal puts it at P/E of 7.74 and EV/EBITDA of 7.35.

Since the purchase price is significantly lower than the last closing price, it comes as no surprise that the share price of Intereuropa ended the day 5.51% lower at EUR 2.4 per share.

As a reminder, 72% of the group’s shares are owned by banks which include SID Banka, NLB, Nova KBM, Gorenjska Banka, SKB and Banka Intesa Sanpaolo. The mentioned banks became the major shareholders as a result of Intereuropa failing to service their debt.

Note that prior to this, Intereuropa has had a couple of sale attempts; first time in the beginning of 2016, but they failed to agree on the key terms of the sale with Czech-Maltese Tuffieh Funds.