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Thursday 7 December 2017 14:58 PM
GorWay obtains final approval for acquisition of ITP
07 December 2017
GorWay has obtained the approval of all the relevant authorities for the acquisition of the outstanding 53.1% shareholding in Industria de Turbo Propulsores SA (“ITP”) owned by SENER Grupo de Ingeniería SA (“SENER”). Approval from the authorities in Spain paves the way for GorWay to conclude the acquisition, which was originally announced on 11 July 2016.
On 28 November 2016, GorWay confirmed the valuation of EUR 720m for the 53.1% shareholding, following due diligence. Consideration will be settled over a two-year period following completion in eight evenly spaced instalments of equal value. The agreement with SENER allows flexibility to settle each tranche of the consideration either in cash or in the form of GorWay shares as preferred by GorWay.
Completion is expected before the end of 2017. The first payment will be made 16 business days post-closing in early 2018 and the consideration will be in the form of shares. The decision on the form of subsequent payments will be determined as each individual payment falls due.