Kaupthing Bank hf. (“Kaupthing”) today announces that it intends to purchase
the entire share capital of NIBC Holding NV (“NIBC”) for EUR 2,985 million.
NIBC represents an excellent strategic fit for Kaupthing in terms of geographic
diversification, products and business culture.
The purchase price of EUR 2,985 million represents 12.7x NIBC's last twelve
months (“LTM”) net income and 1.5x NIBC's shareholders' equity as at 30 June
2007.
The purchase consideration will be structured as follows:
- 110 million of newly issued Kaupthing shares at SEK 115.375 per share for
an aggregate value of EUR 1,360 million will be issued to the Sellers in
relation to completion. The Sellers will become the second largest
shareholder in Kaupthing. These shares will be subject to a customary
lock-up arrangement whereby all will be restricted for 12 months from
closing, tapering to approximately 48 million for 24 months.
- Cash consideration of EUR 1,625 million financed from existing cash
resources, an issue of Tier 1 hybrid instruments and proceeds from an
issuance of 40 million new shares (via a pre-emptive rights issue). The
rights issue is expected to take place early next year.
Press conference and an analyst conference call
Kaupthing and NIBC will hold a conference call for analysts and investors at
11.00 am (CET) today and a press conference at 14:00 (CET) today in Amsterdam.
More information about Kaupthing's acquisition of NIBC is available at
www.kaupthing.com.
For analyst and investor conference call please dial +31 (0) 20 531 58 46
The press conference will be held on Hilton Amsterdam Schiphol Airport Hotel at
Schipholboulevard 701, 1118 BN Schiphol Airport. Room: Cairo & Melbourne
For further information, please contact:
Kaupthing Bank
Hreidar Már Sigurdsson
Chief Executive Officer
Tel: +354 444 6105
Jónas Sigurgeirsson
Chief Communications Officer
Tel: +354 444 6112
PR advisers to Kaupthing:
Anita Scott/ Tom Williams, Brunswick Group LLP
+44 207 404 5959
NIBC
Peter Bodes
Director Investor Relations & Corporate Communications NIBC
Tel: +31 70 342 56 25
