CDRL S.A. (WSE:CDL) agreed to acquire 90% stake in Handlowo - Przemyslowa Grupa West Ost Union SP. Z O.O. from The European Bank for Reconstruction and Development and four persons for $6.4 million on November 26, 2018. As of November 30, 2018, CDRL has concluded conditional agreements for the acquisition.

The CDRL counts on signing the final share purchase agreement within 4-6 weeks. CDRL S.A. (WSE:CDL) signed a deal to acquire 90% stake in Handlowo - Przemyslowa Grupa West Ost Union SP. Z O.O. from The European Bank for Reconstruction and Development and four persons on December 27, 2018.

Sergey Misyachenko, Founder and General Director of Handlowo will hold 10%. CDRL is planning to fund this transaction with its own funds or by using external funds including bond issuance. Sergey Misyachenko will continue to lead Handlowo.

Handlowo had annual revenues of more than $65 million and EBITDA of more than $2 million. Transaction is subject to approval from Ministry of Antimonopoly Regulation and Trade of the Republic of Belarus. The transaction is expected to close on January 1, 2019.

Michal Pawlowski, Magdalena Trzepizur, Piotr Miller, Rafal Wozniak, Lech Najbauer and Paulina Galewska of K&L Gates, while, Alexander Korsak, Dmitry Viltovsky, Aleksey Mikhailov and Nikolay Gorelik of Arzinger & Partners acted as legal advisors for CDRL Capital Times Investment acted as financial advisor to West Ost union.