Elbit Imaging Transfers Title in the Shares of Four Hotels in The Netherlands to PPHE Hotel Group Limited and Payment of the Consideration
Elbit Imaging Ltd. (NASDAQ: EMITF) announced today, further to its announcement on April 1, 2012 in respect of a Share Purchase Agreement with PPHE Hotel Group Limited ("PPHE") and PPHE Netherlands B.V., with regard to the sale of Elbit's holdings in its subsidiaries (the "Purchased Companies") which own a 50% interest in the following hotels in the Netherlands: the Park Plaza Victoria Amsterdam Hotel; the Park Plaza Utrecht Hotel; the art'otel Amsterdam and the Park Plaza Airport Hotel (collectively: the "Hotels"), that the transfer of title in the shares of the Purchased Companies to PPHE Netherlands B.V. and the payment of the consideration have occurred. The consideration in the transaction consists of: (i) the payment of 23 million in cash and (ii) the issuance of 700,000 ordinary shares of PPHE to Elbit, with an estimated fair market value of approximately 3.5 million.
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