The transaction is pending regulatory approval and is expected to close by May 2021 and we are thus not including the transaction in our estimates yet. However, we believe that the deal (if approved) is favourable for Taaleri in the long run and the first step in unlocking Taaleri’s value. Thus, we are inclined to widen our fair value range to EUR8.5-10.5 (EUR8.0-9.5 previously).