Catella is acquiring the outstanding 30% stake in its subsidiary Catella Capital Intressenter AB, which is a holding company of Catella Fondförvaltning AB. Catella is acquiring the shares from its senior executives, and will thereby become the sole owner of Catella's Swedish fund management operations.
The transaction is carried out in order to streamline the structure and facilitate group contributions, where partnership on a local level within the Swedish fund business is replaced by partnership on parent company level.
The acquisition of a 30% stake corresponds to a total purchase price of SEK 44 million, including earnings for 2010. Catella will issue 5.5 million warrants as part payment, subject to the conditions stated below, and the remainder of the purchase price will be paid in cash.
The issue of the warrants, with Catella's Class B shares as underlying security, require that a resolution will be passed by the 2011 annual general meeting of Catella AB. The proposed issue will take place in three series at market price, with exercise dates in 2014, 2015 and 2016. The subscription price will be an amount corresponding to 140% of the average transaction price for the company's shares during the 10 trading days immediately following the date of the annual general meeting, May 25, 2011.
The acquisition is conditional on approval by the Swedish Financial Supervisory Authority.