Sale of Majority Shareholding in Adria Airways Successfully Closed
Ljubljana, 15 March 2016 – The Sellers, Slovenian Sovereign Holding (SSH), on behalf of the Republic of Slovenia (RS) and on its own behalf, and Bank Assets Management Company (BAMC) transferred to the buyer, the Luxembourg-based investment fund 4K Invest, through its 100 % subsidiary AA International Aviation Holding GmbH, 6,343,743 shares of Adria Airways, on the basis of the Share Purchase and Sale Agreement of 18 January 2016. For their shareholdings, the RS, SSH and BAMC received the proceeds from sale, thus marking the successful closure of the sale of 83.01 % Adria Airways equity stake. 4K Invest now holds, including the capital increase from March 8, an equity stake of 96.09 % in Adria Airways.
On 8 March 2016, on the basis of the Shareholder Resolution of Adria Airways of 19 January 2016, the amount of EUR 3.1 million was paid up by RS for the share capital increase process, and the amount of EUR 1 million was paid up by buyer, in accordance with the Shareholder Resolution. By way of paying up additional capital both by RS and by the buyer, a stable operation has been ensured for the company, and by way of the sale of the company, its further development under private ownership has been provided for, thus establishing foundations for preserving long-term effects of maintaining a Slovenian national air carrier.
Mr Marko Jazbec, the President of the Management Board of SSH, said: "We are satisfied that a demanding sale process has come to a successful closure, and prior to its sale, have enabled the company to stabilise its operation and to provide grounds to undergo restructuring with the new buyer and, at the same time, to maintain the Slovenian national air carrier in the future. This will provide for numerous long-term positive effects on the budget, the Slovenian economy and will positively affect all the stakeholders of the company."
The sale process was led and coordinated by SSH and BAMC in cooperation with the financial advisor, KPMG, poslovno svetovanje, d. o. o., while legal advisory services were provided by the firm Karanović & Nikolić. The entire process was conducted in accordance with international standards in regard to M&A transactions and was run in a transparent manner which was equal to all investors involved in the sale process.
- Press Release of 19 January 2016 (SPA Signed) http://www.sdh.si/en-us/Novica/1172
- Press Release of 9 March 2016 (Shares Paid Up in Share Capital Increase Process) http://www.sdh.si/en-us/Novica/1205
- All other pieces of Information about the sale process of Adria Airways: http://www.sdh.si/en-us/privatization/adria-airways
Slovenian Sovereign Holding
Bank Asset Management Company (BAMC)