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Petronas Chemical Acquisition Cost Of Da Vinci Group Revised To EUR233 Million

 Posted by  Posted on May 3, 2023  85 Comments on Petronas Chemical Acquisition Cost Of Da Vinci Group Revised To EUR233 Million

Petronas Chemicals Group Berhad has informed that its full acquisition cost of Da Vinci Group B.V. first announced back in 2019 has now been revised to EUR233 million from EUR163 million.

The change refers to its earn-out scheme as part of retention programs for DVG’s key management personnel who previously owned 37.4% of DVG’s shares, collectively. In the earn-out scheme, 20% to 30% of recipients’ proceeds from the transaction were deferred for 3 to 5 years, where the final payout is based on the equity value of DVG’s business, which is linked to its financial performance.

In FY2022, the company achieved an exceptional financial performance and realised an EBITDA of EUR83 million, as a result of lower raw material and inventory costs, combined with strong market demand owing to supply chain disruptions and geopolitical conflicts. Due to the exceptional financial performance, the earn-out portion of the purchase consideration has increased by EUR70 million resulting in the revised acquisition cost of EUR233 million

PCG said the increase in the earn-out payout arrangement will not have any effect on the issued & paid-up share capital of PCG and is not expected to have any material effect on the earnings, net assets or gearing for the financial year ending 31 December 2023.

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85 thoughts on “Petronas Chemical Acquisition Cost Of Da Vinci Group Revised To EUR233 Million”

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