23 February 2017

Gernandt & Danielsson advises in the transfer of shares, bonds and other claims in Candyking to Cloetta

Gernandt & Danielsson advises in the transfer of shares and bonds in Candyking (the “Company”) to Cloetta and the transfer of certain other claims against the Company to Cloetta.

Gernandt & Danielsson has advised the bondholders and the agent under the Company’s 750 million outstanding bond loan in connection with the transfer. The greater part of the purchase price will be paid to the bondholders. The purchase price will be paid in cash in connection with closing of the transaction. Further, the sellers have the right to a potential earn out consideration based on the outcome of Cloetta’s and the Company’s total sales volume of pick and mix in confectionary and natural snacks during 2018. The purchase price amounts to 325 million (subject to cash and debt adjustments) and the earn-out consideration amounts to maximum 225 million (subject to adjustments in relation to sold volumes).The purchase price and the potential earn-out consideration (if any) will be paid through a company owned by Cloetta issuing so-called earn-out instruments which the bondholders will receive in exchange for their existing bonds in the Company. A written procedure will be held to formally vote approve this procedure.

Gernandt & Danielsson’s team has consisted of Partners Mikael Borg, Caroline Jägenstedt Wikman and Rolf Larsson, and Associates Maria Klaesson, Helén Landenberg and Katarina Odelberg.

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