Baden-Baden, December 29, 2022: GRENKE, a global financing partner for small and medium-sized companies, today announced the conclusion of purchase agreements for the majority acquisition of the factoring franchise companies in the United Kingdom, Ireland, Poland and Hungary. GRENKE AG will acquire 58 percent of the shares in each company. The sellers are the investment companies CTP Handels- und Beteiligungs GmbH, Garuna AG, and Pro Gulf FZ-LLC. GRENKE plans to acquire the remaining 42 percent of the shares in each company, held by the respective local management, by February 2023. With these purchases, GRENKE is acquiring a further 4 of the 14 franchise companies still outstanding for purchase.

The initially acquired majority share in the four companies amount to an agreed total purchase price of around EUR 3.5 million. The corresponding agreements were signed by the contracting parties on December 29, 2022.

The purchase agreements do not affect the scope of consolidation under IFRS, as all of the franchise companies were already included in the consolidated financial statements prepared according to IFRS. The payment of the purchase price results in a direct reduction of GRENKE AG's equity. The transactions are expected to close at the beginning of 2023.

GRENKE's interim CEO and CFO Dr Sebastian Hirsch comments on the purchases, saying, "Immediately after receiving the signatures of the factoring franchisers, we will continue negotiations with the remaining franchisers. We expect to complete the remaining purchases by mid-2023."

The franchise companies in the USA and Singapore were already acquired by GRENKE in May 2022.

 

For further information, please contact:

Investors contact
Team Investor Relations
Neuer Markt 2
76532 Baden-Baden
Phone: +49 7221 5007-204
Email: [email protected]

 

Press contact
Stefan Wichmann
Neuer Markt 2
76532 Baden-Baden
Phone: +49 (0) 171 20 20 300
Email: [email protected]