Business Context and Reporting Period
This Form 6-K filing by Macro Bank Inc. (Banco Macro S.A.) is dated February 1, 2019. The report discloses the completion of a strategic transaction involving the sale of a majority stake in a subsidiary, Prisma Medios de Pago S.A., to AI ZENITH (Netherlands) B.V., an entity related to Advent International Global Private Equity.
Key Financial Metrics
The filing details the financial terms of the share transfer rather than the Bank's consolidated operating results for a specific period.
- Total Estimated Purchase Price: USD 64,542,090.76
- Shares Transferred: 1,933,051 book-entry common shares (representing 51% of Prisma Medios de Pago S.A.)
- Immediate Cash Proceeds: USD 38,311,313.81
- Deferred Payment (Price Balance): USD 26,230,776.95
Material Changes
The primary material change is the divestiture of 51% of the Bank's capital stock in Prisma Medios de Pago S.A. This transaction alters the Bank's asset composition and generates significant liquidity through a mix of immediate cash and deferred receivables.
Outlook, Risks, and Payment Terms
The deferred portion of the purchase price (USD 26,230,776.95) is payable over the next five years under the following terms:
- 30% of the balance: Payable in Argentine Pesos, adjusted by CER (UVA) at a 15% nominal annual rate.
- 70% of the balance: Payable in US Dollars at a 10% nominal annual rate.
The final price of the shares is subject to a determination mechanism within 60 days of closing, provided the Buyer raises no objections. The filing does not provide specific guidance on future earnings or broader market risks beyond the terms of this transaction.
Investor Verification Checklist
- Verify the final purchase price determination within the 60-day post-closing window.
- Monitor the currency exchange rate and CER (UVA) index performance, as 30% of the deferred payment is indexed to these variables in Argentine Pesos.
- Confirm the creditworthiness of AI ZENITH (Netherlands) B.V. regarding the five-year deferred payment schedule.
- Review the impact of the 51% divestiture on the Bank's consolidated financial statements and future revenue streams from Prisma Medios de Pago S.A.