On December 22 and 23, 2020 City Service SE through its Lithuanian subsidiary has signed share purchase – sale agreements on sale of eight companies, operating in marketplaces administration and security solutions, video surveillance and manned guarding sectors.
On December 22 and 23, 2020 City Service SE (further – Company) through its Lithuanian subsidiary has signed share purchase – sale agreements on sale of eight companies, operating in marketplaces administration (UAB Konarskio turgelis, UAB Karoliniškių turgus and UAB Naujosios Vilnios turgavietė) and security solutions, video surveillance and manned guarding sectors (UAB Mano sauga LT, UAB Mano Būsto sauga, UAB Algos saugos tarnyba, UAB Acta iuventus and UAB Vaizdo stebėjimo sprendimai).
The value of all signed purchase – sale agreements – EUR 4.8 million.
Buyers of sold companies were separate, not related Lithuanian companies, acting in marketplaces administration and security sectors.
The consolidated revenue of sold companies for the nine months period ended September 30, 2020, amounted to EUR 1.9 million, and EBITDA was EUR 0.4 million.
Superia and Valiūnas Ellex acted, respectively, as financial and legal advisers to the Company in the sale of security companies.
This sale takes place as part of a strategic alternatives review process initiated last year. This strategic review was launched to focus on the key strategic goal of the Company – concentration of Company’s core business – apartment buildings administration – in all active markets (Lithuania, Latvia, Poland, Spain, and Russia) and its development in possible new countries.
