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LONDON (Alliance News) - Oakley Capital Investments Ltd on Friday agreed to sell its Damovo Group stake to Eli Global and will receive up to GBP15.4 million in proceeds.
Oakley's immediate cash proceeds from the sale will be GBP12.5 million with a future GBP2.9 million possible depending on Damovo's performance in the year to January 31 2019.
The combined GBP15.4 million is a 12% premium over its December 2017 carrying value and represents a GBP1.7 million increase over Oakley's December 2017 net asset value, lifting Oakley's NAV by 1 pence per share.
The deal values conference software provider Damovo at EUR140 million. Eli acquires and invests in a wide range of companies and will pay EUR115 million upfront for Damovo. A further EUR25 million payment is also possible based on performance.
Since its initial investment, Oakley said, Damovo's earnings before interest, taxation, depreciation, and amortization have more than doubled.
Shares in Oakley Capital Investments were up 1.6% at 191.95p on Friday.
