Myronivsky Hliboproduct acquired a vertically integrated company Perutnina Ptuj from the Balkan region, for $100-120 million. The deal is estimated by Andrey Perederiy, an analyst at the investment company Concorde Capital.
“Perutnina Ptuj increased EBITDA by 27.4 million euros as of the end of June 2018 (or 7% EBITDA from MHP over the same period), and the net debt amounted to 35.3 million euros,” he explains. “Based on these financial indicators, we estimate the amount.”
For MHP, Perederiy calls this deal “neutral in the short term.”
“Regardless of the deal, we remain optimistic about the MHP shares, and we neutralize our Eurobonds,” he adds.
Before this, MHP signed an agreement on the acquisition of a 90.68% of shares in Perutnina Ptuj, a poultry meat producer in South-Eastern Europe with headquarters in Slovenia. The Ukrainian holding did not announce the value of the transaction, but it repeated its previously announced intention to invest in the development of the company about 200 million euros, in 4-5 years.
As we wrote, Perutnina Ptuj was planning to sell its assets for €270 million, while its liabilities were estimated at €133 million.
Perutnina Ptuj has broiler chickens production facilities in Slovenia, Croatia, Serbia, Bosnia and Herzegovina. But in general, it operates in 22 countries and processes 4 thousand hectares of farmland.