Elbit Imaging Updates Its Previous Announcements Regarding The Terms For The Sale Of The Radisson Hotel Complex In Bucharest, Romania
TEL AVIV, ISRAEL / ACCESSWIRE / November 8, 2017 / Elbit Imaging Ltd. ("EI" or the "Company") (TASE: EMITF, NASDAQ: EMITF) announced today that , further to its announcement dated August 18, 2017 (regarding the conduct of negotiations for the sale of its entire indirect shareholding in the subsidiary company ("SPV") owning the Radisson Hotel Complex in Bucharest, Romania (the "Asset")) after the completion by the proposed purchaser ("Purchaser") of its due diligence investigations, agreement has been reached with the Purchaser so that the estimated net proceeds to the Company deriving from the sale of its holding in the SPV is anticipated to be approximately Euro 80 million, of which a certain amount will be granted as an interest bearing Vendor Loan to the Purchaser.
In addition, the Company and the Purchaser agreed that the signing and execution of the Share Purchase Agreement between the parties shall take place not by later than November 23, 2017 and that the exclusivity period will be extended till that date. The Company anticipates that the closing and consummation of the transaction will take place during the course of the month of December 2017.
The consummation of the transaction is subject to the execution of definitive agreements, the fulfillment of certain conditions precedent to be specified in the definitive agreement, and the successful closing of the transaction. At this stage there can be no certainty that the definitive agreements will be signed on the terms indicated above, that the conditions precedent will be fulfilled in a timely manner, or that transaction will be successfully completed.
