Polish group Maspex will get 71.1% (28,78 million shares) of Bucharest Exchange-listed Moldovan winery Purcari, for a price of RON 604 million (nearly EUR 120 million), according to Profit reporting at the closure of the takeover bid on July 30.
The price paid in the bid values Purcari winery at EUR 167 million.
Prior to the takeover bid, Maspex held a 1.6% stake in Purcari, resulting in a 72.7% stake after the deal. Considering the 15% stake locked in under an agreement between Maspex and Purcari’s founder, the company’s free float will shrink to 2.3%.
In addition to the takeover bid, Maspex has concluded with Amboselt Universal, owned by Purcari’s founder Victor Bostan, a lock-up agreement which provides, among other things, the obligation of Amboselt to remain a shareholder in the issuer with a minimum holding of 15.1% of the issuer’s share capital and the right of Amboselt to exercise its put option, respectively the right of Maspex to exercise its call option on these shares, options which can be exercised in the first six months of 2028. The future exercise price will match the takeover bid price plus 12% annual interest.
In 2024, Purcari recorded revenues of RON 382.4 million (EUR 76.1 million), up 3% from 2023, driven by a 13% y/yr increase in its core wine segment.
Net profit, however, declined by 10% to RON 57.3 million, while Ebitda rose 7% to RON 107 million.
Purcari operates over 2,000 hectares of vineyards in Romania, Moldova, and Bulgaria and is one of the leading players in the regional wine industry, having grown through both organic expansion and acquisitions.
Maspex, headquartered in Poland, operates in 80 countries and posted a turnover of EUR 3.7 billion in 2024. It has been present in Romania since 1996, having expanded through acquisitions including Arnos Oradea in 2007, Pan Group Craiova assets in 2013, and mineral water bottler Rio Bucovina in 2016.
(Photo: Wiktor Wojtas/ Dreamstime)
iulian@romania-insider.com
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