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Ramada sells Ramada Aços to 1 Thing for €70 million – Companies

Ramada sells Ramada Aços to 1 Thing for €70 million – Companies

“1 Thing is a company that has a qualifying shareholding equivalent to 10.004% of the share capital and voting rights of Ramada Investimentos and the Chairman of the Board of Directors in question,” Pedro Borges de Oliveira, “is, at the same time, a director of Ramada Investimentos and Ramada Aços,” Ramada points out to the regulator.

Ramada Investimentos announced on Sunday that it has entered into an agreement with 1 Thing Investments to sell the Ramadas Aços hotel and its subsidiaries, a process representing a net deal cost of €70 million.

In a statement sent to the Securities Market Commission (CMVM), Ramada Investimentos e Indústria said that it had entered into an agreement on May 10 with 1 Thing Investments “to sell to this company all shares representing share capital and share capital.” Voting rights of the wholly-owned subsidiary, Ramada Aços and its subsidiaries.

These companies are Universal – Afir, Planfuro Global and Ramada Solar, which are directly owned by Ramada Aços, in addition to Blau Stahl, which is owned by Planfuro Global, the company says. “1 Thing is a company that has a qualifying shareholding equivalent to 10.004% of the share capital and voting rights of Ramada Investimentos and the Chairman of the Board of Directors in question,” Pedro Borges de Oliveira, “is, at the same time, a director of Ramada Investimentos and Ramada Aços,” continues Ramada Investimentos.

“For this reason, the deliberations of the Board of Directors of Ramada Investimentos regarding the sale of Ramada Aços to 1 Thing are in accordance with the provisions of No. 2 of Article 397 of the Commercial Companies Law, No. 2 of Article 29-S of the Securities Law, as well as in the Regulation on Related Party Transactions And the conflicts of interest applicable in the company, after obtaining the prior positive opinion from the Supervisory Board,” the company explains.

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Completion of the process may be subject to prior notification to the Competition Authority. “If this submission is confirmed, the transaction will be conditional on the entity’s decision not to oppose it,” the company says, and estimates that the conclusion “will still occur during the first half of 2024.”

This transaction “represents proceeds net of transaction costs of approximately €70 million (including pre-transaction distribution).”

According to Ramada Investimentos e Indústria, the operation “has an implied ‘enterprise value’ multiplier.” [valor da empresa]/EBITDA [resultado antes de impostos, juros, depreciações e amortizações] “Almost 7.4 times, taking into account FY2023 EBITDA.”