Businessman Dan Sucu has taken over, through one of his companies, the entire 40% stake that Camelia Sucu had in 15 of the Mobexpert Group companies, for approximately 40 million euros.
The sale of the shares is but part of a contract that stipulates the clarification of the situation of the joint assets, following the divorce of the Sucus.
"This is a transaction between two shareholders. I bought the shares that Camelia Sucu had in about 15 of the companies of the Mobexpert group and she bought the shares I had in Class. The whole deal was worth about 40 million euros," Dan Sucu, Mobexpert chairman said.
At the same time, Dan Sucu sold 40% of the shares of the Class Group, the luxury furniture unit of Mobexpert.
"My intention to sell the stake came up well over a year ago. It was nothing new, as neither was the possibility that one of the buyers would be Mr. Sucu," Camelia Sucu stated. The two transactions will be paid separately.
"The money will be paid in the shortest time possible. I have more options (to get it i.e.) and I will make a decision soon," Dan Sucu said.
Several investment funds had shown interest in the stake of Camelia Sucu, with information on a possible sale surfacing on the market as early as mid last year. "The offer from the investment funds was about the same as that made by Mr. Sucu, but I thought it was best for this business to stay in the family," Camelia Sucu explained.
Camelia Sucu received advice from PricewaterhouseCoopers Romania.
"We both were aware of how much Mobexpert was worth. The advisers' role was to check whether this value is real or not," said Dan Sucu.
The turnover estimated for Class in 2006 was of about 5 million euros, which is comparable to the 2005 figures. Mobexpert is a business founded by Dan and Camelia Sucu in 1993, and is now the leader of the domestic furnit
