JAKARTA. Home Credit Group B.V. has signed an agreement of divestiture of two of its business based in Indonesia and Philippines with a total contract value of EUR 615 million or IDR 10.3 trillion.

Said acquisition involves a consortium affiliated with MUFG (Mitsubishi UFJ Financial Group) and is led by Krungsri Bank. Meanwhile, several other parties involved in the consortium are PT Adira Dinamika Multifinance Tbk (ADMF) and unnamed local Indonesian investor.

“Now is the right time for us to pass the baton to new shareholders that could accelerate growth of these two attractive companies, both of which are entering a new phase,” Jean-Pascal Duvieusart, CEO of Home Credit Group, stated in the official release.

The transaction value of Home Credit Indonesia acquisition is said to reach EUR 209 million, 75% of which is secured by Krungsri, while ADMF has another 10%, and local partner 15%.

Meanwhile, the acquisition value of Home Credit Philippines is worth EUR 306 million, 75% of which will be obtained by Krungsri, while another 25% is channelled to MUFG.

“The latter consideration is made based on one-to-one adjustment, according to equity book value during transaction closing,” the management of Home Credit explained in the official announcement. (KR/ZH)