Romanian Radisson Blu hotel owner pays EUR 15 mln for delisting

Romanian company Bucuresti Turism, the owner of the five-star hotel Radisson Blu in Bucharest, will pay RON 20.17 (about EUR 4.57) per share to all shareholders who want to withdraw from the company, as it plans to delist from the local RASDAQ market. Israeli group Elbit Medical Imaging owns 76.8% of the company, with the remaining 23.2% held by local investors. The company would have to pay a total of about EUR 15 million if all the minority shareholders decide to leave. Romanian investment fund SIF Transilvania would get about EUR 7.4 million, as it owns 11.3% of the company’s shares. The operation sets an overall value of EUR 65.7 million for the whole company, which is about 70% more than its current market capitalization (EUR 39 mln). The company’s shares, although listed, have been scarcely traded in recent years. EY Romania did the valuation for the delisting. Bucuresti Turism owns the five-star hotel Radisson Blu in Bucharest and the soon to be opened Park Inn hotel. The company had a turnover of EUR 25.7 million and a gross profit of EUR 2.5 million in 2014. Owner of Bucharest’s Radisson Blu to finish Park Inn rooms renovation this year Andrei Chirileasa, andrei@romania-insider.com