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Kardan's TBIF to sell subsidiary.

M2 EQUITYBITES-October 28, 2014-Kardan's TBIF to sell subsidiary


28 October 2014 - Dutch-based conglomerate Kardan NV (AMS:KARD) said today that its fully controlled unit TBIF Financial Services BV had struck an agreement to dispose of an unnamed subsidiary in a deal worth up to EUR9.9m (USD12.6m).

Under the terms of the agreement, TBIF is anticipated to get EUR8.9m plus additional instalments that may reach between EUR500,000 and EUR1m, according to the statement. The deal, which hinges on clearance by regulatory authorities, is expected to close in a few months, Kardan said.

The unit to be divested holds a non-performing credit portfolio and other non-banking financial operations, according to the press release. Kardan estimates a gain of between EUR500,000 and EUR1m from the sale, the amount being subject to final price adjustments.

Netherlands-incorporated TBIF provides financial services in Bulgaria and Romania, focusing on banking, consumer finance, leasing and mortgage. It also has a presence in Ukraine, where it is engaged in the leasing and car rental segment.

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Publication:M2 EquityBites (EQB)
Date:Oct 28, 2014
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