365 hf. ("365") has sold 17 per cent. of voting rights in Daybreak Holdco Limited ("Daybreak"), the ultimate parent company of Wyndeham Press Group Ltd, to Baugur Group hf. ("Baugur"). 365 had prior to the sale 36% of company's voting rights.
After the sale the remaining stake in Daybreak will have a book value of approximately ISK 1,2 billion and 19% voting rights at given currency exchange rate today.
The purchase price is £ 9,1 million. Baugur will pay an initial cash sum of £1.9 million for the stake. The remaining potential consideration payable by Baugur to 365 is performance related. 365 will receive from Baugur 79 per cent. of all distributions received by Baugur will respect to the shares, including any future sale proceeds relating to the shares. The stake is sold at book value.
The sale is part of 365's strategy of decreasing ownership in affiliates and reducing fluctuations in 365 business.
For further information contact Ara Edwald forstjóra 365 hf.