TEL AVIV, Israel, June 11, 2015 /PRNewswire/ --
Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) ("Elbit" or the
"Company") announced today further to its announcement dated
May 10, 2015, that its wholly owned
indirect subsidiary has completed the transaction contemplated in
the Share Purchase Agreement with Astrid JV S.à.r.l., an affiliate
of Kohlberg Kravis Roberts & Co. L.P., (the
"Purchaser"), with regard to the sale of its entire (100%)
holdings in its wholly owned subsidiary (the "Target") which
owns and operates the Radisson Blu Hotel and the Park Inn Hotel in
Antwerp, Belgium (collectively:
the "Hotels").
The asset value reflected in the transaction was approximately
Euro 48 million for both Hotels
subject to working capital and other adjustments as specified in
the agreement. The total net consideration paid to the Company's
wholly owned subsidiary (the "Seller"), following the
repayments of the Target's banks loan, and the aforementioned
adjustments, was approximately Euro 27
million out of which Euro 1
million was deposited in escrow to secure the Seller's
indemnification obligations under the Share Purchase Agreement.
In accordance with the refinancing loan agreement between Bank
Hapoalim B.M and the Company, the Company has prepaid an amount of
approximately $5 million on account
of the loan.
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following principal fields of
business: (i) Commercial and Entertainment Centers - Initiation,
construction and sale of shopping and entertainment centers and
other mixed-use real property projects, predominantly in the retail
sector, located in Central and Eastern
Europe and in India,
primarily through its subsidiary Plaza Centers N.V. In certain
circumstances and depending on market conditions, we operate and
manage commercial and entertainment centers prior to their sale;
(ii) Hotels - Hotel operation and management; (iii) Medical
Industries - (a) research and development, production and marketing
of magnetic resonance imaging guided focused ultrasound treatment
equipment and (b) development of stem cell population expansion
technologies and stem cell therapy products for transplantation and
regenerative medicine; and (iv) Residential Projects - Initiation,
construction and sale of residential projects and other mixed-use
real property projects, predominately residential, located
primarily in India.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Any forward-looking statements in our releases include
statements regarding the intent, belief or current expectations of
Elbit Imaging Ltd. and our management about our business, financial
condition, results of operations, and its relationship with its
employees and the condition of our properties. Words
such as "believe," "would," "expect," "intend," "estimate" and
similar expressions are intended to identify forward-looking
statements but are not the exclusive means of identifying such
statements. Actual results may differ materially from those
projected, expressed or implied in the forward-looking statements
as a result of various factors including, without limitation,
failure to consummate the sale of the Target and the factors set
forth in our filings with the Securities and Exchange Commission
including, without limitation, Item 3.D of our annual report on
Form 20-F for the fiscal year ended December
31, 2014, under the caption "Risk Factors." Any
forward-looking statements contained in our releases speak only as
of the date of such release, and we caution existing and
prospective investors not to place undue reliance on such
statements. Such forward-looking statements do not purport to be
predictions of future events or circumstances, and therefore, there
can be no assurance that any forward-looking statement contained
our releases will prove to be accurate. We undertake no obligation
to update or revise any forward-looking statements.
For Further Information:
Company Contact:
Ron Hadassi
Chairman of the Board of Directors
Tel: +972-3-608-6048
Fax: +972-3-608-6050
ron@elbitimaging.com
SOURCE Elbit Imaging Ltd.