February 27, 2024

Jaime Gilinski offers $836 million to buy GPA (PCAR3) stake in Éxito

Posted at 10:01 p.m

Businessman Jaime Gilinski made GPA (PCAR3) with an unsolicited offer, which was not previously negotiated with management, to acquire GPA’s entire stake in Almacenes Éxito.

The information was revealed on Wednesday night, the 28th, by GPA in a physical reality.

Under the terms of the letter to GPA, the following have been communicated: The offer is binding; The Campbelltown Corporation or such other entity as to be determined after further due diligence will be the purchasing vehicle; The offer is valued at US$836 million, to be paid in cash for the entire 96.52% stake that GPA owns in Éxito; that the purchaser has the financial capacity to acquire and its completion is not subject to obtaining financing; Subject to regulatory approvals from the Financial Supervisory Authority of Colombia – SFC and Bolsa de Valores de Colombia – BVC, the acquisition will take place in the context of an IPO to be launched by the purchaser; In addition to antitrust law approval, the completion of the transaction requires the approval of other regulatory agencies (including antitrust) in Colombia and other jurisdictions.

It was also reported that the offer is valid until July 7, 2023.

GPA management confirmed that it immediately communicated receipt of the offer to the Board of Directors. The board will meet to evaluate the proposal.

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