The deal is subject to antitrust clearance.
“SIF Banat-Crișana informs investors upon the signing, on September 4, 2020, of the sale-purchase agreement for the acquisition of the stake representing 99.92% of the share capital of DOOSAN IMGB S.A.,” the fund said in a statement.
SIF Banat-Crisana was assisted by law firm Biris Goran SPARL and real estate consultancy firm Crosspoint Real Estate.
“This is the biggest land area transacted in Romanian in the past decade – 540,000 square meters, excluding farmland,” said Crosspoint Real Estate consultants.
Doosan said at the end of 2019 it planned to shut down the platform and definitively halted production in 2020, terminating employment for 400 employees.
In 1989, IMGB’s production unit employed around 13,000 people. The industrial platform was set up in 1963.
Doosan IMGB reported a turnover of RON249 million and losses of RON25 million in 2018.