MIG seals deal with Strix Holdings
The exchange agreement between Marfin Investment Group (MIG) and Strix Holdings was signed on Friday, whereby the former gives the latter Attica Group shares corresponding to 79.4% of the shipping company’s share capital, against loans of 443.8 million euros of MIG held by Strix.
Based on this debt-for-equity exchange agreement, the largest Greek shipping company is valued at the level of €1 billion.
With the completion of the agreement, MIG zeroes out its debt, and Strix Holdings becomes the main shareholder with a percentage of 90% of Attica Group; this is because Strix already owns an 11.3% share of the shipping company.
At the same time, Strix acquires the obligation to submit a public proposal to the remaining shareholders of Attica. For this purpose, it is expected to immediately submit a relevant application to the Capital Market Commission and, as soon as it is approved, the public proposal will proceed. However, sources at the new major shareholder of the shipping company explain that there is no intention to delist the company from the Athens Stock Exchange; that will be reflected in the application that will be submitted to the Capital Market Commission.
The above agreements and corporate actions were designed and implemented at the initiative of Piraeus Bank, which after their completion remains a shareholder of the now-sanitized MIG while maintaining its financial interest in Attica Group.
The agreement between Marfin and Strix Holdings has already been approved by the Greek Competition Commission. In addition, in recent months, following an attempt by investors who acquired shares late in order to obstruct the transaction, Piraeus Bank made a public offer for the acquisition of the shares of Marfin Investment Group, so that today it controls 87.7948% of its shares.
Strix Holdings is a subsidiary of Piraeus Bank, but is managed by a third-party independent professional investment manager, Blantyre Capital.
Piraeus Bank reaps the financial benefit from Strix’s assets and income. However, Strix is managed by an international fund manager, that is Blantyre.
