Specifically, Fairfax agreed to increase its share capital stake by investing 50 million euros, with an option for shares worth another 50 million euros, citing strong results and good future growth prospects.
The parties have entered into an agreement for the sale and purchase of 2,702,703 of Mytilineos shares, at a price of 18.5 euros per share, ie 50 million euros. As a result of this first phase of the agreement, the 2,702,703 shares are expected to be transferred to Fairfax on or before Jan. 9, 2023.
Fairfax will represent approximately 4.68 percent of Mytilineos
Upon completion of the share purchase, Fairfax will become the second largest shareholder in Mytilineos and will hold 6,688,047 shares, representing approximately 4.68 percent of Mytilineos share capital.
Fairfax Chairman and CEO Prem Watsa made the following statement: “We are thrilled to increase Fairfax’s investment in MYTILINEOS. The company has an excellent track record, and we look forward to working with Evangelos Mytilineos and his team in growing their business over the long-term.”
On his part, Mytilineos Chairman & CEO Evangelos Mytilineos stated: “We welcome Fairfax as the second largest shareholder in Mytilineos, proving an excellent relationship, developed since 2012 when Fairfax purchased its first shares of the company, and acknowledging the solid performance of MYTILINEOS over all these years. Our strategic goal is to focus on sustainable growth so we can return value to all our shareholders. With Fairfax by our side, I am confident that we will reach new highs in Mytilineos’ history.”
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