REFILE-BRIEF-GBL Announces Webhelp And Concentrix Have Entered Into Merger Agreement

Reuters
2023-03-30

(Refiles to fix headline to show companies have entered merger agreement; widens distribution)

March 30 (Reuters) - Groep Brussel Lambert NV :

* GBL ANNOUNCES THAT WEBHELP AND CONCENTRIX HAVE ENTERED INTO AN AGREEMENT TO CREATE A PROMINENT GLOBAL PLAYER IN CUSTOMER EXPERIENCE

* UPON COMPLETION OF THE TRANSACTION, GBL WOULD BECOME THE LARGEST SHAREHOLDER OF THE COMBINED ENTITY AND BE REPRESENTED ON ITS BOARD OF DIRECTORS

* THE IMPLIED VALUATION OF €1.529BN FOR GBL’S STAKE IN WEBHELP REPRESENTS A MOIC OF 1.8X SINCE GBL’S INITIAL INVESTMENT IN NOVEMBER 2019

* THIS TRANSACTION IS IN LINE WITH THE STRATEGY GBL INITIATED IN 2019 TO INVEST IN SOLID, FAST-GROWING PRIVATE PLATFORMS WELL POSITIONED TO PARTICIPATE IN SECTOR CONSOLIDATION AND ATTAIN LEADERSHIP

* GBL WOULD BE PAID IN CONCENTRIX SHARES, EARN-OUT SHARES AND SELLER NOTE

* GBL WOULD BE PAID: 12.9% OF CONCENTRIX’S OUTSTANDING COMMON STOCK

* GBL WOULD BE PAID: EARN-OUT SHARES THAT COULD GIVE ACCESS TO ADDITIONAL CAPITAL TO COMBINED ENTITY IF CERTAIN THRESHOLDS ARE REACHED

* GBL WOULD BE PAID: NOTE ENTITLING GBL TO RECEIVE ABOUT €500M IN CASH ON SECOND ANNIVERSARY OF TRANSACTION CLOSING

Source text: Further company coverage:

(Gdansk Newsroom)

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