N+1 has agreed the sale of 70.6% of an investment portfolio of the former Dinamia to the funds managed by Access Capital Partners, one of Europe's largest private equity fund of funds manager. The agreed-upon price, €57.2mn, values the portfolio at €80.7mn. The transaction has been structured to generate three cash inflows for N+1: €40mn at completion, another €10.7mn in 2016 and the remaining €6.5mn in 2017.

The transaction will reduce N+1's exposure to the investment portfolio made up of minority stakes in industrial companies: MBA, Secuoya, Tryo, Probos and Salto.

There is also a compelling strategic rationale as it moves the Group away from a portfolio-based business model (the Dinamia portfolio has traded at a discount to NAV of 23% on average during the last decade) towards one oriented to the generation of recurring earnings via the investment banking and asset management businesses. The proceeds will be gradually invested in business development (both geographic and business diversification) and in products managed by or advised on by the Group's asset management units.
This transaction will make an important contribution to reinforcing N+1's private equity business since N+1's private equity unit will continue to manage the portfolio, which will therefore continue to generate fee income for the Group.

Lastly, Access Capital Partners has committed to invest €35mn in the new fund which this unit is in the process of raising: N+1 PEF III.

Fuente: N+1

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