Friday, July 19, 2019

Germany: Daldrup & Söhne AG Contracts with Private Equity Investor to Raise Funds

Daldrup & Söhne AG concludes first contract with private equity investor IKAV (News Release)

The drilling technology and geothermal specialist Daldrup & Söhne AG has concluded agreements with the IKAV Group, represented by the Luxembourg fund IKAV Invest S.à r.l., on the purchase and assignment of shares in Geysir Europe GmbH and geox GmbH.

The first part of the agreements has thus been successfully implemented. Daldrup received EUR 5.2 million in earmarked funds. This represents a first step towards the debt relief of the Daldrup Group and the deconsolidation of the Geysir Group. Both parties continue the negotiations on the basis of a notarial termsheet. This also includes the separately planned sale of shares in the Taufkirchen geothermal power plant.