's-Hertogenbosch, the Netherlands, 12 December 2018
Agreement to sell stake in non-strategic interest AIO II (Medsen) signed: expected book profit around €35 million. Transaction expected to be completed at the beginning of 2019.
As announced at the publication of the 2017 annual results, Van Lanschot Kempen has spent the past couple of months investigating the possibilities of selling its stake in the AIO II (Medsen) pharmacy chain. Today, Van Lanschot Kempen announces that an agreement has been reached with funds under management of Bencis about the sale of the stake in AIO II. The transaction is expected to be completed by early 2019 and to generate a book profit of around €35 million. The sale is subject to approval by the relevant (competition) authorities.
AIO II is the holding company of pharmacy chain Medsen and wholesale chemist Ceban, and is incorporated in Breda. Van Lanschot Kempen has held an equity stake in AIO II since 2009, when it acquired a minority interest through a debt-for-equity swap. The company staged a robust development in the years that followed. In 2016, Van Lanschot Kempen exercised its option to expand its stake to a majority interest of 72%.
In 2017 and the first half of 2018, AIO II made contributions to Van Lanschot Kempen's net profit of €11.8 million and €6.7 million respectively (based on a 100% stake).
Van Lanschot Kempen's sale of AIO II fits in with its strategy for its non-strategic investments. The goal is to divest such interests over time.
19 December 2018 Capital payment date
24 April 2019 Publication of 2019 Q1 trading update
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About Van Lanschot Kempen
Van Lanschot Kempen, a wealth manager operating under the Van Lanschot, Evi and Kempen brand names, is active in Private Banking, Asset Management and Merchant Banking, with the aim of preserving and creating wealth for its clients. Van Lanschot Kempen, listed at Euronext Amsterdam, is the Netherlands' oldest independent financial services company with a history dating back to 1737.
Disclaimer and cautionary note on forward-looking statements
This press release contains information about Van Lanschot Kempen N.V. and Van Lanschot N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014.
This document does not constitute an offer or solicitation for the sale, purchase or acquisition in any other way or subscription to any financial instrument and is not an opinion or a recommendation to perform or refrain from performing any action.
This document may contain forward-looking statements on future events and developments. These forward-looking statements are based on the current insights, information and assumptions of Van Lanschot Kempen's management about known and unknown risks, developments and uncertainties. Forward-looking statements do not relate strictly to historical or current facts and are subject to such risks, developments and uncertainties that by their very nature fall outside the control of Van Lanschot Kempen and its management.
Actual results and circumstances may differ considerably as a result of risks, developments and uncertainties relating to Van Lanschot Kempen's expectations regarding, but not limited to, estimates of income growth, costs, the macroeconomic and business climate, political and market trends, interest rates, behaviour of clients, competitors, investors and counterparties, the implementation of Van Lanschot Kempen's Strategy, actions taken by supervisory and regulatory authorities and private entities, changes in law and taxation, changes in ownership that could affect the future availability of capital and changes in credit-ratings.
Van Lanschot Kempen cautions that forward-looking statements are only valid on the specific dates on which they are expressed, and accepts no responsibility or obligation to revise or update any information following new information or changes in policy, developments, expectations or other such factors.
The financial data in this announcement have not been audited.
This document is a translation of the Dutch original and is provided as a courtesy only. In the event of any disparities, the Dutch version will prevail. No rights can be derived from the translated document.
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