Dolphin Capital said it has agreed the sale with its own largest shareholder, Third Point LLC, at an enterprise value of €140 million.
This value is a 10% discount to its carrying value as at June 30 and will result in a €15 million loss in Dolphin Capital's full year results.
Dolphin Capital said that Third Point will assume all Playa Grande liabilities, amounting to €75 million at September 30.
Third Point will also pay a €64 million consideration, via retiring $59.2 million worth of Dolphin Capital convertible bonds held by its funds and a €4.7 million cash consideration.
Dolpin Capital said this disposal will reduce its aggregate loans to €102 million, from €232 million as at June 30.
