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Provider: Reuters Investment Profile

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Rhj International SA and Kleinwort Benson Group Announce Update on BHF Acquisition

Wednesday, 30 Oct 2013 02:00am EDT 

Rhj International SA (RHJI) and its wholly owned subsidiary Kleinwort Benson Group (KBG) announced an update on the proposed acquisition of BHF-Bank (BHF) following a decision by BlackRock, one of the original co-investors, to withdraw from the transaction and the remaining co-investors to increase their involvement. KBG and RHJI will together acquire 100% of BHF for an estimated consideration of EUR 354 million, subject to closing purchase price adjustments. KBG will acquire 91% for EUR 322 million in cash. RHJI will acquire the remaining 9% stake directly by issuing RHJI shares to Deutsche Bank at par value. As a consequence of BlackRock`s decision to withdraw from the transaction, the associated capital increase in KBG has been revised, with RHJI's retained interest increasing to 65% from the 60% that was connected with the original transaction, while the balance of 35% will be split among the three remaining co-investors: Fosun Group, AQTON SE (an investment company wholly-owned by German entrepreneur Stefan Quandt), and entities affiliated with Timothy C. Collins. If the BHF transaction does not proceed RHJI and KBG will consult with their shareholders on the timing, mechanism and quantum of a capital return. 

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18 Dec 2014