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DDM to acquire significant asset in Hungary
DDM Holding AG (First North: DDM), (“DDM” or the “Company”) a multinational investor and manager of distressed assets, today announced that it has signed an agreement to acquire significant assets in Hungary. Subject to the review and approval from regulatory authorities, the transaction is expected to close in first half of 2016. The acquisition will grow DDM’s portfolio of investments by more than 50% and strengthen its position in Hungary.
DDM continues to expand via significant acquisitions and has concluded an agreement on the acquisition of a Hungarian leasing company, and its subsidiaries. The company is a leading Hungarian leasing company holding performing and non-performing leasing assets.
DDM will make the acquisition together with a global investment manager with approximately USD10 billion in assets under management. DDM will own a significant part of the investment and manage 100% of the investment.
Gustav Hultgren, CEO of DDM commented: “I am happy to announce that we and our co-investor have signed the agreement with the seller after our team has spent the better part of the year diligently assessing and structuring this transaction. We have acquired a leading company with an experienced management team and a strong platform for further portfolio investments. This reconfirms DDM’s position as a top-tier regional investor and manager of distressed assets.”
Gustav Hultgren also said “We are pleased to make this sizeable investment together with our co-investors and to be trusted to manage the investment on their behalf.”
Fredrik Olsson, Chief Financial Officer of DDM, stated, “This acquisition represents a significant increase to our earnings power, adding strong cash flows and increase our book-value of distressed asset portfolios by more than 50% in the fourth quarter of 2015. The investment will in addition generate management fees to DDM over the lifetime of the transaction, which will further strengthen our cash flows and profit.”