Brief: Express And WHP Global Enter Into Mutually Transformative Strategic Partnership

Express

08/12/2022 13:22

Dec 8 (Reuters) - Express Inc  EXPR.N :
    * EXPRESS, INC. AND WHP GLOBAL ENTER INTO MUTUALLY
TRANSFORMATIVE
STRATEGIC PARTNERSHIP, LEVERAGING A PLATFORM TO BUILD A
PORTFOLIO OF BRANDS AND ACCELERATE LONG-TERM GROWTH
    * EXPRESS INC- EXPR WILL CONTINUE TO ADVANCE EXPRESSWAY
FORWARD
STRATEGY
    * EXPRESS INC - WHP TO INVEST $25 MILLION TO ACQUIRE 5.4
MILLION
NEWLY ISSUED SHARES OF EXPR AT $4.60 PER SHARE
    * EXPRESS INC- PARTNERSHIP WITH WHP WILL SCALE EXPRESS BRAND
THROUGH CATEGORY AND GLOBAL LICENSING EXPANSION
    * EXPRESS INC - EXPR AND WHP FORM INTELLECTUAL PROPERTY JV
VALUED
AT ABOUT $400 MILLION WITH WHP TO INVEST $235 MILLION FOR 60%
OWNERSHIP, EXPR TO OWN 40%
    * EXPRESS INC- WHP WILL ALSO MAKE A COMMON EQUITY PIPE
INVESTMENT
TO ACQUIRE 5.4 MILLION NEWLY ISSUED SHARES OF EXPR AT $4.60 PER
SHARE
    * EXPRESS INC- CASH EARNINGS IN INTELLECTUAL PROPERTY JOINT
VENTURE WILL BE DISTRIBUTED QUARTERLY TO BOTH PARTIES ON A PRO
RATA BASIS
    * EXPRESS INC - EXISTING EXPRESS, INC. MANAGEMENT TEAM AND
BOARD
OF DIRECTORS WILL CONTINUE TO LEAD COMPANY
    * EXPRESS INC - UPON COMPLETION OF TRANSACTION, EXPRESS,
INC.
BOARD OF DIRECTORS WILL BE EXPANDED TO INCLUDE SHMIDMAN
    * EXPRESS INC- EXISTING EXPRESS, INC. MANAGEMENT TEAM AND
BOARD OF
DIRECTORS WILL CONTINUE TO LEAD COMPANY WITH MR. BAXTER SERVING
AS A DIRECTOR AND CEO
    * EXPRESS INC- MYLLE MANGUM TO  SERVE AS CHAIRMAN OF
EXPRESS, INC.
BOARD OF DIRECTORS
    * EXPRESS INC- UPON COMPLETION OF TRANSACTION, EXPRESS, INC.
BOARD
OF DIRECTORS WILL BE EXPANDED TO INCLUDE MR. SHMIDMAN

Source text for Eikon:  ID:nBw6yvP7Na 
Further company coverage:  EXPR.N