News 30. 7. 2015

Signing of Share Sale and Transfer Agreement by and between the Sellers and Companies Merrill Lynch International and Wiltan Enterprises Limited for the Sale of 100 % Stake in Elan, d.o.o.

The Slovenian Sovereign Holding (SSH), together with the other Sellers, i.e. Triglav Naložbe, d.d., D.S.U., d.o.o. and Modra zavarovalnica, d.d. have signed the Share Sale and Transfer Agreement (SPA), transferring a 100 % stake in Elan, d.o.o. to the buyers Merrill Lynch International and Wiltan Enterprises Limited.


The buyers, Merrill Lynch International and Wiltan Enterprises Limited, were selected as the best bidders, enabling Elan, d.o.o. its further existence and final arrangement of debt-credit relations with Elan's financial and other creditors.


In accordance with the SPA, 4.9% equity stake in Elan will be acquired by Merrill Lynch International, a company owned by Bank of America Merrill Lynch International, while the remaining 95,1 % equity stake in Elan will be acquired by Wiltan Enterprises Limited, a company owned by VR Global Partners. Buyers will strive to provide for Elan, d.o.o. the necessary financial funds with the purpose of recovering the unlawful state aid in the sum of EUR 12 million, in accordance with the European Commission Decision issued in September 2012.


In addition to SSH, which took over PDP, d. d. on 1 July 2015, SPA was also signed by the other Sellers, specifically Triglav Naložbe, d. d., D.S.U., d. o. o. and Modra zavarovalnica, d. d.


The sale process started in July 2013 by publishing the Invitation for Submission of Expression of Interest for the acquisition of Elan and establishing a contact with a wide selection of international investors. The sale process was conducted in a professional and transparent manner providing equal treatment to all investors participating in the sale process and in accordance with the international practice. The sale process was on the Sellers side coordinated and managed by PDP, d.d. (from 1 July 2015 onwards, SSH), in cooperation with the financial advisor, KF Finance, d. o. o. and legal advisors, Odvetniška družba Soršak, Vagaja in partnerji, d. o. o.


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