apollo wins auction for saint gobain's glass bottle unit verallia - glass water bottle companies

by:Koodee      2019-07-23
apollo wins auction for saint gobain\'s glass bottle unit verallia  -  glass water bottle companies
PARIS (Reuters)-
Apollo Global Management (private equity investment company (APO. N)
Has won the holy-
Verallia, glass bottle department of goban, is quoted as 2.
95 billion euros (
2 billion)
The French building materials group said Monday. Saint-
Goban said it had conducted exclusive negotiations with Apollo in order to reach an agreement.
Apollo beat four other bidders.
Ba Vidro, Portugal Industrial Group and three other funds, Blackstone, CVC Capital Partners [CVC. UL], and Ardian.
Verallia produces glass bottles and jars, and is the main supplier of bottles in the French champagne and cognac industry, producing 2 bottles.
Sales last year were EUR 39 billion and operating income was EUR 0. 23 billion.
It has 47 factories in 13 countries and employs nearly 10,000 people.
Financial director Laurent Guillot said the net income was 2.
€ 5 billion will be used to reduce the post-tax debt of Saint-Gobain, the payments made to minorities and the cost of workers' pensions.
The sales price represents seven times the revenue, Guillot said.
4 times EBITDA and 12. 8 times EBIT.
In addition, Apollo is negotiating to sell a minority stake in the group to the French government --
Earlier this year, the French economy minister, Emmanuel Macron, promised he would look after the company's 2,200 French employees. “Saint-
"Goban chose Apollo because of the quality of its offer and support for industrial projects and Verallia employees," the company said in a statement . ".
Bpifrance may issue a statement as early as Monday.
The fund habitually buys 10 to 15% of its shares.
Apollo, based in New York, has extensive experience in France, including recent investments in debt
Latecoere, aircraft equipment manufacturer (LAEP. PA). Saint-
Goban sold Verallia, focusing on the main business of building and building materials, tried earlier to get the company to market but failed, and sold the North American part of Verallia in last AprilSaint-
The deal, which sold Verallia's body in October and announced plans to acquire control of Swiss chemical company Sika, was strongly opposed.
It expects the Verallia transaction to be completed by the end of the year once regulatory clearance is obtained, including regulatory clearance requested by the European Commission. ($1 = 0. 9008 euros)
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