Work Service on the finish line of selling Exact Systems

Work Service on the finish line of selling Exact Systems

Another condition precedent for the sale of Exact Systems by Work Service has been met. The company expects the transaction to be finalized by October 31.

The condition met yesterday concerns an agreement between Work Service SPV Sp. z o.o. (based in Wrocław), Work Service Investments Sp. z o.o. (based in Wrocław), and Fiege Logistik Stiftung & Co. KG (based in Greven) regarding the acquisition and transfer of a 26% stake in Work Service GmbH & Co. KG. As a result of this agreement, Work Service SPV Sp. z o.o. will acquire the 26% stake from Fiege Logistik Stiftung & Co. KG and will hold 100% of the profits and losses of Work Service GmbH & Co. KG.

Previously, several other conditions were met (including approval from the President of UOKiK), but the transaction is not yet finalized. The parties expect the final agreement to be concluded by October 31, 2018.

Work Service is selling the company to Remango Investments Sp. z o.o., a special purpose vehicle owned by Exact Systems managers - Paweł Gos and Lesław Walaszczyk - and a fund co-managed by CVI Dom Maklerski. On Monday, October 29, Work Service's share price on the GPW rose by 19%.