Riverstone’s Hestya to take Hes Beheer private

The proposed takeover price of €45 per share would give Hes Beheer an enterprise value of €407.24m. At the time of writing, the company's market cap stood at €406.34m.

Shareholders of Hes Beheer, which collectively own 58% of the company, have entered into irrevocable undertakings with Hestya at the proposed price. This means that the Riverstone portfolio company would pay at least €236.2m for a 58% stake in the company.

The two parties will discuss a price per ordinary share with Hes Beheer's other shareholders in the coming months.

News of a potential takeover came to light last month, with Riverstone or one of its portfolio companies being named as the possible interested party.

Hes Beheer has granted exclusivity to Hestya for the deal until the end of January next year. Hestya will be seeking debt financing for the potential transaction.

Hes Beheer is currently listed on the Amsterdam Stock Exchange, on which it floated in January 1982. Founded in 1908, the company is headquartered in Rozenburg and employs approximately 290 staff. The group recorded turnover of €87.5m in 2012, as well as an EBITDA of €27.9m.

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