NBI Bearings Europe, S.A. entered into an agreement to acquire majority stake in Turnatorie Iberica and Alprom for €16.5 million.
May 18, 2020
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NBI Bearings Europe, S.A. (BME:NBI) entered into an agreement to acquire majority stake in Turnatorie Iberica and Alprom for €16.5 million on May 19, 2020. As per the agreement, NBI Bearings Europe, S.A. will acquire 100% stake in Turnatorie Iberica and 51.3% stake in Alprom. NBI Bearings Europe, S.A. will pay the fixed amount of €15 million and an additional €1.5 million subject to achieving an EBITDA of over €3.7 million. The acquisition is free of debt. As a guarantee of payment, NBI will provide a guarantee of €3 million for 12 months (guarantee of the first payment) and €3 million in shares of NBI with a repurchase agreement to 36 months at a fixed price. The Turnatorie acquisition will be financed through a combination of funds available from NBI and those from a loan, in the approval process, to be granted by COFIDES. Under the terms of the agreement due diligence process has been successfully completed by Deloitte.
NBI Bearings Europe SA is a Spain-based company engaged in the bearings production. The Company focuses on the design, development and manufacture of ball and roller bearings for various applications, such as cranes and offshore machinery; gear boxes; industrial machinery; agricultural equipment; tubular stranders, as well as pulleys and shear blocks. The Company's products range includes single row ball bearings; cylindrical, tapered, spherical and needle roller bearings; support rollers; cam followers, as well as cylindrical and spherical roller thrust bearings. In addition, it provides advisory related to bearing selection and dimensions; technical assistance; as well as tailor-made design, among others. The Company is controlled by Pakel Rmi Promocion de Empresas SL.
NBI BEARINGS EUROPE, S.A. 
