Quest Holdings S.A. (hereinafter referred to as the Company) announces that on 21st of October 2024, an agreement has been signed between the Company and GLS (https://gls-group.com/GROUP/en/home/), according to which, GLS, one of the largest parcel, logistics and express services companies in Europe and a prominent member of IDS Group (International Distribution Services - https://www.internationaldistributionservices.com/en), enters into the share capital of the Company’s subsidiary, ACS POSTAL SERVICES SMSA (hereinafter referred to as ACS).
As outlined in the key terms of the agreement the following are provided:
• Sale and transfer by the Company to GLS of 20% of the shares of ACS with the signing of the agreement for a consideration of euro 74 million.
• Right of GLS to buy ("call option") the remaining 80% of the shares of ACS on 31-10-2025 or 30-10-2026 against a minimum pre-agreed consideration of euro 296 million.
• In the event that GLS does not exercise the above call option, the Company will have the right to repurchase from GLS the 20% of ACS’s shares subject to a pre-agreed mechanism.
• The Management of ACS until the exercise of the call option of GLS will continue to be exercised by the Company.
For the completion of the transaction, approvals may be required from the competent Authorities, for which the Company and GLS will take all necessary actions.
The exclusive financial advisor of the Company for the transaction is AXIA Ventures Group and the legal advisor is the Law Firm Potamitis-Vekris.
