Gimv today announced that it has reached an agreement to sell its stake in dcinex to Ymagis SA (Euronext Paris: MAGIS), a specialist in digital services and technologies for the cinema industry.
Pursuant to an agreement between dcinex SA and Ymagis SA, Ymagis will acquire upon closing all shares and warrants issued by dcinex. The signing of the final documentation and the completion of the transaction, taking place in the form of a contribution in kind, is subject to the customary conditions precedent (including approval of Ymagis’ AGM and dcinex’ banking syndicate), in the coming weeks. The closing of the transaction is expected to take place in September 2014.
Under the agreement, the payment of this transaction will be in the form of various instruments. Upon closing, Gimv will receive EUR 0.4 million in cash, next to 52,184 new Ymagis shares and a vendor loan of EUR 1.1 million (with a maximum maturity of 5 years). In addition, dcinex will reimburse the existing shareholders’ loans. The total amount outstanding due by dcinex to Gimv under Gimv’s shareholder loans at the end of June 2014 amounted to EUR 6,0 million (including interests).
The sale of dcinex will have no significant impact on Gimv's equity value published on 30 June 2014. Throughout the whole period, this investment generated a high single digit return for Gimv.
Gimv entered XDC in 2009, which was transformed into dcinex in 2012 after the merger with FTT and Bewegte Bilder. It became the leading Pan-European provider of fully integrated and best in class solutions for movie operations. The new transaction with Ymagis will create an even bigger and stronger entity, that will enable dcinex to continue its successful evolution in that market.