Agfa-Gevaert rises after agrees division sale

Agfa Gevaert NV

30/08/2022 09:06

** Shares in Agfa-Gevaert  AGFB.BR  jump around 8% after the
Belgian graphics group signed a deal with Aurealius Group for
the sale of its Offset Solutions division  urn:newsml:reuters.com:*:nASM000P28
    ** Aurelius is to acquire the division at an enterprise
value of 92 million euros ($91.88 million) and the transaction
is to be completed during Q1 2023
    ** KBC Securities says the expected sale fits perfect within
the framework of Agfa's ongoing transformation process and is "a
major step" which will allow it to increase its focus on its
growth business
    ** The brokerage upgrades Agfa's rating to "buy" on Monday,
flagging it believes the market is "totally misjudging" the
firm's transformation potential  urn:newsml:reuters.com:*:nL8N305196
    ** KBC Securities says the price for the division is in line
with its expectations while ING ("hold") says it is slightly
higher than its estimate of 70 million euros
    ** Agfa's share price is at its highest since mid-June
    
($1 = 1.0013 euros)

 (Reporting by Elena Vardon)
 ((elena.vardon@tr.com))