Sale of Jelmoli Bonus Card Ltd.
Swiss Prime Site Ltd. sold today its majority holding in Jelmoli Bonus Card Ltd. The buyer is the Swiss banking group Valartis, which presently has a 27.5% stake in the credit card company.
Swiss Prime Site Ltd. announces the sale of its 72.5% holding in Jelmoli Bonus Card Ltd., Zurich, to the Valartis Group Ltd., Baar. The two companies, both of which are listed on SIX Swiss Exchange, signed the relevant agreements today. The parties have agreed not to disclose the price.
Jelmoli Bonus Card Ltd., which achieves sales of around CHF 700 million, was formerly part of the Jelmoli Group, which was acquired last year by Swiss Prime Site. The transfer of Jelmoli Bonus Card Ltd. to the Valartis Group will not affect clients or the 80 or so employees. In selling Jelmoli Bonus Card Ltd., Swiss Prime Site is divesting an arm of business which – as communicated earlier – does not belong to its core activities.
(Excerpt press announcement 28 May 2010)
Gut Corporate Finance Ltd. acted as financial advisor to Jelmoli Holding Ltd. in this transaction.