Advent to acquire 90% of Integer.pl

On 11 April, Advent announced it had increased the price of its tender offer for shares of the two companies to PLN 49.00 per share for Integer.pl and PLD 11.00 per share for Inpost. It had previously offered PLN 41.10 and PLN 9.5 per share.

The improved offer is a 19.2% increase on the previously offered price for Integer, and 15.8% for Inpost, while the premium compared to the last trading day before the price increase is 8.9% for Integer, 10.8% for Inpost. This is a 26.3% or 44.5% premium on the three or six month average price for the period prior to the offer's announcement for Integer, and 16.6% (three month) or 28.5% (six month) for Inpost.

Advent and a co-investor will provide the capital through AI Prime, a holding company 100% owned by Advent.

The conditions of the offer have now been met, and the offer received unconditional consent from the antitrust authorities.

Advent's plans involve refinancing the group's obligations to lenders and restructuring its operations and capital structure. Advent has committed PLN 170m to refinance outstanding debt.

Company
Integer.pl was listed on the Warsaw Stock Exchange in 2007 and its subsidiary Inpost in October 2015. Integer produces and sells parcel lockers, provides parcel holding services and manages the group's divisions.

Inpost is focused on the e-commerce sector and provides logistics, courier and parcel delivery services.

According to publicly available information, the group recorded revenues of PLN 727m in 2015 and employs 2,200 people.

People
Advent International – Peter Nachtnebel (director).
Integer.pl – Rafał Brzoska (president).

Advisers
Equity – Clifford Chance (legal); BZ WBK (corporate finance).

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