Wienerberger, the world's biggest brickmaker, has agreed to increase its stake in Austrian roof tilemaker Tondach Gleinstaetten to 82 percent for 41 million euros ($56 million).The Austrian brickmaker, which already owned 50 percent of Tondach, said on Wednesday the acquisition would expand its presence in eastern Europe, where it saw substantial pent-up demand for renovation, especially after the crisis years.
Wienerberger is buying the additional shares from two private family trusts, which held the other 50 percent of Tondach. The remaining 18 percent will be owned by banks.
The deal values the company at 7.3 times Tondach's expected 2014 earnings before interest, tax, depreciation and amortisation (EBITDA), Wienerberger said, including debt which is expected to be about 60 million euros at the end of 2014.
It said the banks agreed to swap 26 million euros of Tondach's debt for equity.
Wienerberger will pay 23 million euros of the purchase price in treasury shares and the rest in cash.
It said Tondach's revenues were expected to rise to roughly 160 million euros this year from 154 million in 2013.
The deal is subject to competition authority approval.
Source Reuters
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