REG - AO World plc Frasers Group PLC - AO WORLD PLC AND FRASERS GROUP PLC PARTNERSHIP

FrasersAnnouncement

12/06/2023 07:00

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RNS Number : 3188C  AO World plc  12 June 2023

AO WORLD PLC AND FRASERS GROUP PLC ANNOUNCE STRATEGIC PARTNERSHIP

 

AO world Plc ("the Company" or "AO"), a leading online electricals retailer,
announces that Frasers Group plc ("Frasers") has acquired an 18.9% strategic
stake in AO with the purchase of 109,400,000 issued shares at a price of
68p totalling an investment of £75m. The investment is the culmination of
productive talks over the last two years about establishing a strategic
partnership.

 

Michael Murray, CEO of Frasers Group, said: "Frasers has long admired what
John and the AO team have built, and we are delighted to have the opportunity
to form a supportive, strategic partnership. AO is a fantastic business with a
clear strategy which is leading the market in online-only electricals. Through
this investment, Frasers will benefit from AO's valuable know-how in
electricals and two-man delivery, helping us to drive growth in our bulk
equipment and homeware ranges. In turn, AO will have the opportunity to
benefit from Frasers' expertise and ecosystem."

 

John Roberts, Founder and CEO of AO, said: "This is great news for AO and a
fantastic endorsement for our business. We are delighted to welcome Michael
and the wider Frasers team into the AO family and look forward to realising
the significant potential that we see for this partnership. As we continue to
build on our strategy of pivoting to profitable growth, it will be hugely
exciting to have a range of compelling strategic opportunities to explore
together, and we're very much looking forward to working with Michael and his
team."

 

Enquiries:

 

AO

Rob Greening / Nick Hayns, ao@powerscourt-group.com 020 7250 1446

Russell Craig, AO, russell.craig@ao.com

 

Frasers

FGPR@frasers.group

frasersgroup@brunswickgroup.com

 

 

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