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Cinven ties up Gondola deal

9 Oct 2006

Cinven say that they have reached agreement on the terms of the recommended cash acquisition of Gondola. Under the proposal, Gondola shareholders will receive 415 pence in cash for each Gondola Share, valuing Gondola at approximately £559m. The proposed dividend of 4.7 pence per Gondola share announced on 21 September 2006 will now not be paid. Taken together with their net debt position as at 2 July 2006, the acquisition represents an enterprise value of approximately £900m.

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