The deal states that Netherlands and Belgium-based private equity house Bencis Capital Partners will acquire 65.68% controlling stake of Punch in Xeikon for €110.3million.
The conditions for the deal are concentrated on the fact that Xeikon's half year figures as of 30 June 2013 are in line with the average of the previous two years.
The purchase and sale transaction relates to major stakes Xeikon held by Punch. Bencis will pay a price for each of the Xeikon share, for which Bencis will raise the required capital through Gimv-XL fund, who will be part investor.
With the investment, Gimv-XL Fund will acquire an indirect minority stake of approximately 20% upon final closing of the transaction. The transaction is expected to be complete by 17 September, 2013.
The share price condition reflects Xeikon’s interim results of the last six months. Bencis will actually be paying a premium of 69% on each of Xeikon share’s closing price in January, 2013 and a 32% premium in relation to the average closing price of the Xeikon share in the last six months.
Xeikon had been sourcing major components for its colour digital printing machines from Punch Graphix, before it went into bankruptcy in 2002, the year in which Punch bailed out Xeikon after buying it out of bankruptcy.