Vértice 360 ​​sells 49.99% of its capital to the HIG fund

The HIG Capital fund closes an agreement to acquire 49.99% of Vértice 360 ​​Servicios Audiovisuales for 20 million euros.

The venture capital fund HIG will acquire 49.99% of the share capital of Vértice 360º for 16 million euros, according to a statement sent to the National Securities Market Commission (CNMV).

In addition, the company chaired by Manuel García-Durán will receive another additional 2 million through a distribution of available reserves that will be payable on the date scheduled in the contract for the closing of the operation, through the cancellation of part of the debt balance that Vértice 360 ​​maintains with its audiovisual division.

The total amount of the operation of 20 million euros will be completed with another 2 million euros that the digital division will receive through a distribution of available reserves subject to meeting a series of objectives set out in the contract for the years 2012 or 2013.

The new shares subscribed by the American venture capital fund will “temporarily” have a “special and preferential privilege” over the 50.01% of shares controlled by the audiovisual division.

As Vértice explained to Europa Press, this “privilege” will consist “of the receipt of a higher percentage in any distributions made to the partners of the audiovisual division, as well as, where appropriate, the amounts obtained by the partners as a consequence of the transfer of social shares in Vértice 360º Servicios Audiovisuales.”

This “special privilege” will cease when the amount of distributions received by the venture capital fund reaches the thresholds provided for in the investment agreement itself.