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Xchanging Plc Proposes Sale of Shareholding in Xchanging Transaction Bank to Joint Enterprise Partner Deutsche Bank AG


Wednesday, 15 May 2013 02:01am EDT 

Xchanging plc announces today that it has signed an agreement (conditional upon Xchanging shareholder and certain other approvals) to sell its 51% shareholding in Xchanging Transaction Bank GmbH and its holding company Xchanging etb GmbH (together "XTB") to its joint Enterprise Partner, Deutsche Bank AG ("Deutsche Bank"). Xchanging will receive total cash amounting to €40.5 million, including estimated cash payable to Xchanging in respect of trading up to the closing of the transaction. The transaction announced today effectively provides Xchanging with the cash equivalent of the after tax present value of the remaining cash flows of the service contracts of XTB. As such, it is considered to be value enhancing for Xchanging shareholders, notwithstanding that the transaction will bring forward the earnings dilution that would otherwise have arisen in the future when such contracts were terminated. 

Company Quote

35.78
0.72 +2.05%
18 Sep 2014