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    VER   AT0000746409

VERBUND AG

(VER)
  Report
Real-time Estimate Quote. Real-time Estimate Tradegate - 08/05 03:59:28 pm
79.975 EUR   -0.47%
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VERBUND AG completed the acquisition of 51% stake in Gas Connect Austria GmbH from OMV Aktiengesellschaft.

05/31/2021 EDT

VERBUND AG (WBAG:VER) made a binding offer to acquire 51% stake in Gas Connect Austria GmbH from OMV Aktiengesellschaft (WBAG:OMV) on June 15, 2020. VERBUND AG agreed to acquire 51% stake in Gas Connect Austria GmbH from OMV Aktiengesellschaft for approximately €440 million on September 23, 2020. Under the terms, VERBUND will pay €271 million and additionally assume the outstanding liabilities of Gas Connect Austria GmbH to OMV on the closing date in 2021 totaling to €165.9 million. The contract signing will be held in the course of the same day, i.e. September 23, 2020. The transaction is subject to regulatory approval. The transaction have been approved by the Board of VERBUND AG and OMV Aktiengesellschaft. The transaction is expected to complete in first half of 2021. As of November 5, 2020, the transaction is expected to complete in the beginning of second quarter of 2021. As of May 12, 2021, the transaction is expected to complete in the second quarter of 2021. This transaction will reduce OMV's debt by more than EUR 570 million, which will have a positive impact on OMV's gearing. This debt relief is based on the transaction price for 51% of shares in Gas Connect Austria GmbH plus the shareholder loan that has been consolidated in full by OMV until now. Citigroup Inc. acted as financial advisor to OMV Aktiengesellschaft (WBAG:OMV). Barclays is acting as financial advisor to VERBUND AG. Clemens Hasenauer, Johannes Prinz, Harald Stingl and Lorenz Pracht of Cerha Hempel Spiegelfeld Hlawati acted as legal advisor to OMV Aktiengesellschaft. Markus Piuk, Bernd Rajal and Franz Urlesberger of Schönherr Rechtsanwälte Gmbh acted as legal advisors to VERBUND. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to Citigroup Inc. in the transaction. KPMG carried out a fairness opinion for the acquisition of 51% of Gas Connect Austria GmbH by VERBUND AG. VERBUND AG (WBAG:VER) completed the acquisition of 51% stake in Gas Connect Austria GmbH from OMV Aktiengesellschaft (WBAG:OMV) on May 31, 2021. OMV has settled a cash-pool liability to a subsidiary of Gas Connect Austria GmbH of around €7 million.


ę S&P Capital IQ 2021
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Financials
Sales 2021 3 697 M 4 374 M 4 374 M
Net income 2021 630 M 746 M 746 M
Net Debt 2021 2 309 M 2 733 M 2 733 M
P/E ratio 2021 43,6x
Yield 2021 1,09%
Capitalization 27 741 M 32 849 M 32 826 M
EV / Sales 2021 8,13x
EV / Sales 2022 6,69x
Nbr of Employees 3 011
Free-Float 34,3%
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Mean consensus UNDERPERFORM
Number of Analysts 13
Last Close Price 79,85 €
Average target price 64,90 €
Spread / Average Target -18,7%
EPS Revisions
Managers and Directors
Michael Strugl Chairman-Management Board & CEO
Peter F. Kollmann Chief Financial Officer
Martin Ohneberg Chairman-Supervisory Board
Karl Stadler Head-Corporate Governance & Compliance
JŘrgen Roth Independent Member-Supervisory Board
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