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Company News Summary

Magellan Financial Group Announces Sale of Shares in Guzman y Gomez

09 May 2022  |  09:30:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Sale of shares in Guzman y Gomez

Magellan Financial Group advised that an agreement has been entered into in respect of the sale of its 11.6% interest in Guzman y Gomez (Holdings) (GYG) to a Barrenjoey Capital Partners entity with the intention of seeding an investment trust comprising high net worth investors for cash consideration of $140m. It may also be entitled to a further payment of up to $6m subject to the performance of GYG and the realisation of the investment by the trust. The sale is subject to the completion of a pre-emptive rights process under the GYG shareholders' deed which provides GYG shareholders with the right to purchase its shares on the same terms.

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