New majority shareholder for West Atlantic
West Atlantic has been discussing principal terms with Lusat and certain major players holding bonds in the company’s outstanding bond loan for a refinancing of the group.
The offer made by Lusat has been accepted by the shareholders of the company and certain major bondholders, and the parties have signed a memorandum of understanding. The company will issue new ordinary shares to Lusat, and as payment Lusat will provide an equity contribution of EUR 20 million, conditional to the approval by the bondholders of the written procedure accepting the complete transaction.
“I am delighted to welcome Lusat as new majority shareholder. Beside the equity contribution there will also be synergies and benefit of scale for the group going forward. This is very positive news for our customers and employees,” says Lars Jordahn, the company’s CEO. (mw)