Pierre Louvrier Withdraws From EUR840m Acquisition in Bulgaria

BRUSSELS, July 23, 2015 /PRNewswire/ --

Pierre Louvrier, the Belgian entrepreneur, announces that the assets he acquired in Bulgaria in 2015 for an Enterprise Value of EUR840m have now reverted back to their previous beneficial owner. This means that Mr Louvrier no longer has any interest in these assets.

The Share Purchase Agreement dated 31 January 2015, concerning the purchase of shares in and other companies, allowed for the purchaser to hand back the acquired assets under certain circumstances. This right has now been exercised.

Commenting on the announcement, Mr Louvrier said: "My reason for investing in these businesses was to facilitate the restructuring of what I believed to be a fundamentally strong group of companies. It has not been possible to get the agreement of all parties within an acceptable timeframe. I remain confident that these companies have an exciting future and wish all relevant parties every success."

Akin Gump Strauss Hauer & Feld LLP, Bonn Steichen & Partners, CMS Cameron McKenna LLP, Hogan Lovells LLP and Liedekerke Wolters Waelbroek Kirkpatrick LLP advise Mr Louvrier on this transaction.

About Mr Louvrier 

Pierre Louvrier is a Belgian investor and entrepreneur who, in a 20 year career, has successfully invested in a variety of special situations across Europe in sectors including agriculture, food processing, real estate, telecoms and technology.