SpareBank 1 SMN to sell stake in NETS
March 24, 2014 - London
SpareBank 1 SMN has entered an agreement to sell its holding in Nets
SpareBank 1 SMN has a 2.2% stake in Nets, corresponding to 4,028,773 shares. The sale is conditional on the approval of the regulatory authorities. The process is expected to reach completion in the second quarter of 2014.
As at end-2103, SpareBank 1 SMN holding in NETS was booked at NOK 264m. The agreement entails a value increase of about NOK 164m in the first quarter of 2014.
Advent International, ATP and Bain Capital are to acquire all NETS shares held by SpareBank 1 SMN. This customer grouping will acquire 100% of the shares in NETS from all existing 186 shareholders, including SpareBank 1 SMN.
See also a separate notification issued by Nets on 24 March 2014.
Contact persons at SpareBank 1 SMN :
CFO Kjell Fordal +47 905 41 672
Head of Corporate Communications Hans Tronstad, +47 941 78 322
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SpareBank 1 SMN via Globenewswire