RIB is a subsidiary of German-listed RIB Software.
The deal was struck at 8.5 times the forecast adjusted earnings before interest, tax, depreciation and amortisation (adjusted Ebitda) and the companies had entered into a reciprocal put/call option, in terms of a shareholders’ agreement, for the disposal of the remaining 30percent of CCS at the same multiple applied to December 31, 2022, adjusted Ebitda. EOH said this transaction was a significant milestone in its strategy to align with key partners which enable the scaling up of unique software businesses identified within the group’s fold.
“It is also a crucial step forward for EOH’s intellectual property (IP) division and RIB is the right partner to unlock CCS’ full potential, enabling both growth and internationalisation. Further the deal is in line with EOH’s strategy to build the “EOH of the Future” by reorganising the group into an investment holding company and strengthening the group’s capital structure,” EOH said.
EOH management said earlier this year in half-year results that it would unlock R1billion in cash through strategic partnerships and targeted disposals in order to reduce the group’s debt.