Bencis Capital Partners Belgium Nv and XL Fund, L.P. managed by GIMV NV completed the acquisition of 72.5% stake in Xeikon N.V. from Punch International NV.
Punch's board of directors believes that transaction is in the best interest of Punch's shareholders. The transaction is subject to approval from competent competition authorities in Germany, Xeikon's half year figures as at June 30, 2013 should be in line with the average of the previous two years, and Bencis obtaining financing. The transaction is also conditioned upon Punch acquiring customer receivables from Xeikon and Punch acquiring all of Xeikon's 43.74% interests in Accentis. The transaction is expected to complete on September 17, 2013. As on September 17, 2013, Punch International NV reported that the sale will be delayed by few days. Erik Verkest, Matthias Pieters, Thomas Ockier and Filip Keereman of Petercam S.A. acted as financial advisors for Xeikon. Peter Corten, Sophie van Engelen, Marleen Wessel and Jason van de Pol of Loyens & Loeff N.V. acted as legal advisors to Xeikon.
Bencis Capital Partners Belgium Nv and XL Fund, L.P. managed by GIMV NV (ENXTBR:GIMB) completed the acquisition of 72.5% stake in Xeikon N.V. (ENXTAM:XEI) from Punch International NV (ENXTBR:PUN) on September 20, 2013. The conditions precedent to the transaction, including the disentanglement of Accentis NV and the unconditional approval by German competition authority have been satisfied.