Unimot - Ultimate purchase of Lotos Terminale - Warsaw Stock Exchange
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Event: Ultimate purchase of Lotos Terminale.
The Company informed that it signed a final agreement with PKN Orlen for the purchase of 100% shares of Lotos Terminale (containing selected Lotos and PKN Orlen logistics assets and the asphalt assets of Lotos). Unimot is to pay the negotiated price for the assets and to refinance the debt of Lotos Terminale at an amount of PLN 366.4 million.
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The final purchase price is not known. The transaction price contains a earn-out mechanism and the repayment of capex incurred on the building of the Szczecin Terminal. The precise liabilities are not known at the day of the transaction. The total capital involvement of Unimot in the transaction is to amount to c. PLN 450 million.
Expected impact: Neutral. This is a long awaited deal and the mentioned transaction figures are in line with previous disclosures. Based on our estimates, the newly obtained assets will add c. PLN 15-20 million to quarterly EBITDA.
Analyst
Lukasz Prokopiuk, CFA
This report is prepared for the Warsaw Stock Exchange SA within the framework of the Analytical Coverage Support Program 3.0.
188/2023/AR April 11, 2023
