Transaction news Zetes

Zetes is a leading European system integrator and provider of innovative supply chain, identification and mobility solutions.

#Cobepa #zetes #panasonic

22 Dec '16

Cobepa agrees to sell its stake in Zetes

Panasonic acquires an initial 50.95 percent stake in Zetes, an industry leader specialized in identification and mobility solutions. This transaction will be followed by a mandatory tender offer by Panasonic for the remaining shares of Zetes at a price of EUR 54.50 per share.

Panasonic Corporation (Tokyo Stock Exchange: 6752) ("Panasonic"), a global leader in the development of diverse electronics technologies and solutions for customers in the consumer electronics, housing, automotive, enterprise solutions and device industries, headquartered in Osaka, Japan, and Zetes Industries SA (Euronext Brussels: ZTS.BR) ("Zetes"), a European market leader of goods and people identification and mobility solutions headquartered in Brussels, Belgium, today announced that Panasonic has reached agreements to acquire all of the outstanding shares of Zephir Corporation SA, a holding company that owns 23.70% of the issued shares of Zetes, a further 24.67% of the issued shares from Cobepa SA and additional issued shares from certain other individual shareholders, including Zetes' management, representing a total of 50.95% of the issued shares in Zetes for a total consideration of EUR 149.6 million (the "Acquisition").

The purchase price per share payable by Panasonic for the Zetes shares is EUR 54.50, representing a premium of 19.1% to the 30-day average share price and a premium of 27.7% to the three-month average closing share price of Zetes.

The completion of the Acquisition by Panasonic is still subject to merger control approval.