On 26 April 2019, the EQT Infrastructure IV fund (“EQT” or “EQT Infrastructure”), through the investment vehicle Piolin BidCo, S.A.U. (“Piolin BidCo”) announced a voluntary tender offer (“the Offer”) for 100 percent of the shares in Parques Reunidos Servicios Centrales, S.A. (“Parques Reunidos” or the “Company”) at EUR 14 per share in cash, which was later adjusted to EUR 13.753 following a dividend distribution by the Company (the “Offer Price”). The Offer excludes the shares in the Company owned by the two reference shareholders Alba Europe S.à r.l. (controlled by Corporación Financiera Alba, S.A. (“Alba”)) and Miles Capital S.à r.l. (controlled by Groupe Bruxelles Lambert S.A. (“GBL”)) and those acquired by Piolin BidCo following the announcement of the Offer. Piolin BidCo is ultimately owned by EQT Infrastructure, Alba and GBL. The National Securities Market Commission (the ”CNMV”) authorized the Offer on 24 July 2019 and the acceptance period ended on 6 September 2019.
Successful outcome of the Offer
Shareholders representing a total of 21,491,300 shares corresponding to 26.62 percent of all the shares accepted the Offer. Piolin BidCo had acquired 12,575,642 shares outside the Offer since the announcement of the Offer representing 15.58 percent of all the shares. Alba and GBL provided hard undertakings to roll over their shares representing 44.21 percent into Piolin BidCo immediately prior to settlement of the Offer. In aggregate, this gives Piolin BidCo a total shareholding of 86.40 percent in Parques Reunidos.
Settlement of the shares tendered in the Offer during the acceptance period is expected to occur around 17 September 2019.
As soon as the Offer is settled, Piolin BidCo will initiate the delisting process of the Company in accordance with the provisions of article 11.d) of the Spanish takeover regulations. For these purposes, a general shareholders' meeting of the Company is expected to take place by the end of October to approve the delisting, which will be implemented shortly afterwards.
Parques Reunidos is the second largest operator of recreational infrastructure in Europe and 10th largest globally with over 20 million visitors in 61 sites across 45 regional parks in 12 countries across Europe, North America and Australia. Parques Reunidos operates regional parks, owned or under long term contracts, with strong recognition and roots within their communities.
Ulrich Köllensperger, Partner and Asís Echániz, Managing Director at EQT Partners and Investment Advisors to EQT Infrastructure IV respectively, state: “We are pleased with the result of the tender offer and believe the outcome is satisfactory for all parties involved. Parques Reunidos displays strong operational infrastructure characteristics which makes it a good fit for EQT’s industrial investment approach. The development of the Company will be supported with an industrial board of directors with significant sector expertise.”
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EQT is a leading investment firm with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
About Parques Reunidos
Parques Reunidos is a leading operator of recreational infrastructure. The company portfolio comprises over 60 assets (theme parks, animal parks, aquatic parks, family entertainment centers and other attractions). Parques Reunidos is present in Europe, North America and Australia, and welcomes over 20 million visitors every year.
More info: www.parquesreunidos.com