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Daldrup & Söhne AG concludes sale of large stake in deconsolidation of Geysir Europe

Drilling rig on site in Schwerin, Germany (source: Daldrup & Söhne AG)
Alexander Richter 19 Jul 2019

Daldrup & Söhne AG has successfully concluded a previously announced sale of a large share package in Geysir Europe with investment group IKAV Invest.

The drilling technology and geothermal specialist Daldrup & Söhne AG (ISIN DE0007830572) has concluded agreements with the IKAV Group, represented by the Luxembourg fund IKAV Invest S.à r.l., on the purchase and assignment of shares in Geysir Europe GmbH and geox GmbH.

The first part of the agreements (see our reporting in June 2019) has thus been successfully implemented. Daldrup received EUR 5.2 million in earmarked funds. This represents a first step towards the debt relief of the Daldrup Group and the deconsolidation of the Geysir Group. Both parties continue the negotiations on the basis of a notarial termsheet. This also includes the separately planned sale of shares in the Taufkirchen geothermal power plant.

IKAV Invest S.à r.l. acquires 48.9% of the shares in Geysir Europe GmbH and 1.0% of the shares in geox GmbH.

The sale of the shares is a key component of the restructuring measures that the Executive Board is currently implementing in stages based on the operating result for the 2018 financial year.

Source: company release