Warsaw, 26 July 2016 – Waterland, an independent private equity investment group which currently manages EUR 4 billion of investor commitments, announced a tender offer to buy 8,538,095 shares in Kredyt Inkaso S.A., constituting a 66% stake in the Polish debt collection company. The planned purchase will be the first investment platform for the fund in Poland, and its largest investment in this part of Europe.
Subscriptions to sell shares will be accepted from Aug. 16 to Aug. 29 by Ipopema Securities S.A., the brokerage managing the transaction. Waterland is offering PLN 22 per share, a premium of 20.1% over the volume-weighted average price for the past three months, for the first six trading days of the process, i.e. from Aug. 16 to Aug. 23. For the remainder of the period, i.e. from Aug. 24 to Aug. 29 (or until the day to which the subscription period is extended), the price will be PLN 20 per share.
“Kredyt Inkaso S.A. is one of the oldest debt collection companies in the country, and we are convinced that thanks to its sound fundamentals and competent management team, we will be able to develop the company quickly in Poland and throughout the region,” said Maciej Szymański, Principal at Waterland in Poland. “We believe that emergence of a leading investor such as Waterland will facilitate constructive relationships among the shareholders,” Szymański added.
The share purchase will become binding on the condition that shareholders in Kredyt Inkaso S.A. subscribe to sell more than 60% of the total number of shares, and that the bidder receives regulatory approval for the purchase. Kredyt Inkaso’s CEO and CFO have undertaken to remain with the company with Waterland’s support, and to sell the shares they hold in response to the public bid.