ANTWERP: Gimv and Belfius announce today that they have reached an agreement on the sale of the TINC shares held by Belfius Insurance. A newly created company (NewCo), to which Gimv will contribute in kind its TINC shares, will acquire these shares with financing from Belfius Bank.
The acquisition by the NewCo, with Gimv as majority shareholder, of Belfius Insurance’s shares in TINC will take place at a price of 11.77 euros per share, based on the volume weighted average of the closing prices on Euronext Brussels (VWAP) during a period of 20 days prior to the signing of the agreement in principle between Gimv and Belfius.
Gimv and Belfius reach agreement on their shareholdings in TINC, the European infrastructure investment company listed on Euronext Brussels, which they hold separately today. A newly created company with Gimv as majority shareholder takes over the shares of Belfius Insurance, financed by Belfius Bank. This will ensure the stability of TINC’s shareholdership.
Gimv and Belfius Insurance today each own rounded 10% of the shares of TINC, the listed European infrastructure investor.
Gimv and Belfius are pleased with the agreement reached. This lays strong foundations for a future-oriented continuation of both TINC’s shareholdership in support of TINC’s further growth ambitions and the involvement of Gimv and Belfius as stakeholders from the very beginning.
Gimv is a European investment company with over 40 years of experience in private equity and is listed on Euronext Brussels as well as a member of the Euronext BEL ESG Index. Gimv currently has a portfolio of more than EUR 1.5 billion consisting of around 60 portfolio companies, with a combined turnover of EUR 4.0 billion and more than 20,000 employees.
Belfius Bank & Insurance is a solid bank-insurance company owned by the Belgian federal government. With 160 years of experience in the public sector and 60 years in the private client segment, Belfius is deeply rooted in the Belgian economy and society.