Thursday, February 22, 2024

Baker, Linklaters, Uría act on ECI’s €387m repurchase of half of its stake from PrimeFin

Baker McKenzie and Linklaters have advised PrimeFin, whose visible head is Sheikh Hamad bin Jassim bin Jaber Al Thaniformer prime minister of Qatar, on the agreement with El Corte Inglés, which was advised by Uría Menéndez


Al Thani entered El Corte Inglés in 2015. He took over 10% of the capital through a participative loan worth €1,000 million, as reported at the time; which valued the company at €10,000 million.

“The agreement reached between the parties involves valuing El Corte Inglés at around €7,000 million euros, in line with the latest corporate operations carried out, and also recognizes Primefin’s contractual rights,” CEI said in a statement. In this way, the acquisition of this participation is around €387 million.

“The repurchase of Primefin’s shares, from the loan made in the past, is part of the company’s financial optimization,” the company said. “The operation is carried out without an increase in debt and with its own resources, at a time when El Corte Inglés has strengthened its financial situation with the lowest level of debt in the last 15 years.”

El Corte Inglés added that “the operation allows allocating the 5.53% acquired to reinforce the group’s treasury stock”. “Following the agreement reached between the parties, Primefin will adjust its rights to its new conditions and will remain a shareholder of El Corte Inglés with a 5.53% stake,”

After this operation, the shareholding of El Corte Inglés is structured in a 40.04% stake by the Ramón Areces Foundation; while IASA, the holding company controlled by sisters Cristina and Marta Álvarez, owns 18.4%. Behind, Cesar, 9.64%; Mancor, 8.04%; Mutua Madrileña, with 8%; and Primefin, with 5.53%. As for treasury stock, after this acquisition, it remains at 5.64%.

Baker Mckenzie’s team advising PrimeFin was led by of counsel Rosemary Mafuz and team director Javier Méndez.

Legal Dealmaker is waiting for the information about Linklaters’ team advising PrimeFin and Uría Menéndez’s, respectively, to share them with its readership.

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