Germany's Baywa has announced it has found a new buyer for its subsidiary Cefetra. It is reportedly a group of investors, but the details are not disclosed. This group is willing to pay approximately the same price as First Dutch previously agreed to, but will transfer the money in two installments.
The agreement stipulates that €80 million will be paid upon closing of the 2025 accounts, with the remaining €45 million due by the end of April. Baywa reports that if the final payment is made earlier, a discount of up to €5 million may apply.
Almost as important for Baywa is that the now announced sale will also reduce Baywa's debt burden by €600 million. This is due to the deconsolidation of Cefetra. The parent company will also use the proceeds to repay debt. It remains intriguing, however, that no name has been mentioned for the group of investors. Baywa is keeping quiet about this. However, according to some sources, two Dutch investors are among the new group of investors, one of whom is reportedly known to the former.
Cefetra director Daan Vriens is also happy and relieved about the sale, he said on LinkedinAccording to him, the intended new owner is a European consortium that plans to operate Cefetra as an independent company under its own management.
According to German sources, there is still a small caveat to the transaction, as it would still require approval from the Italian competition authority.