Raiffeisen Investment got involved in the process at a stage when the owners had already chosen a preferred bidder, i.e. Equest, a leading real estate and retail investor in the Balkan region. Raiffeisen Investments task was to critically assess the valuation of the target, to support in pricing discussions, to structure the transaction and review and negotiate all legal and financial documents. One major - and rather complex - aspect of the transaction was the structuring of the sale by splitting the target into an operating company and a property company entity with an offshore shareholder structure for tax optimisation purposes. In particular, the transfer of all properties to the newly founded property company and the agreed pre-financing of the restructuring by Equest took more time and efforts than expected. In June 2006, Equest and the owners of K&K Electronics signed the respective SPAs (share purchase agreements). Equest finally acquired 75% in the operating Company with 2 call options to ultimately acquire 100% within a three year time period and 40% in the property company of K&K Electronics. Closing of the transaction took place at the property company end of October in Sofia.