Duna House Holding Plc. (DHG) has informed the capital market participants on the website of the Budapest Stock Exchange that it has increased its ownership in the Italian Hgroup S.P.A. from 70.00% to 71.14% on December 6, 2022 and subsequently to 77.13% on January 26, 2023 by purchasing shares from three minority shareholders who no longer had operational roles in the management of Hgroup since the majority acquisition by the Company in January 2022 and were seeking an exit.
DHG used this opportunity to increase its ownership at a discounted valuation, paid a total consideration of EUR 2.6 million including the purchase price for additional shares and the settlement of earn out obligations towards the three sellers.
Furthermore, DHG plans to sign an agreement with Mr. Diego Locatelli, Founder of Hgroup, on January 31, 2023 to purchase his 16.85% shareholding in Hgroup thereby increasing DHG’s ownership to 93,98%. the cash flow towards Mr. Diego Locatelli from the sale of his complete share package, as set by the investment agreement dated December 10, 2021, will not change due to the planned transaction.
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