REG - Frasers Group PLC AO World plc - AO World Plc Strategic Partnership

FrasersAnnouncement

12/06/2023 07:00

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RNS Number : 3223C  Frasers Group PLC  12 June 2023

AO WORLD PLC STRATEGIC PARTNERSHIP

 

Frasers Group plc announces that it acquired a strategic stake of 18.9% in AO
World Plc  ("AO") on 9 June 2023. Further details were provided in an
announcement released by AO on 9 June 2023 which read as follows:-

 

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.

 

 

 

 Frasers Group plc

 Robert Palmer, Company Secretary                 T. 0344 245 9200

 LEI: 213800JEGHHEAXIJDX34                        E. company.secretary@frasers.group

 Chris Wootton, Chief Financial Officer           T. 0344 245 9200

                                                  E. financial@frasers.group

 Ronnie Laffar, Head of PR & Communications       T. 07585 886189

                                                  E. fgpr@frasers.group

 Andrew Kasoulis, Head of Investor Relations      T. 0344 245 9200

                                                  E. investor.relations@frasers.group

 Rosie Oddy, Brunswick Group, PR Advisors         T. 07734 861279

                                                  E. frasersgroup@brunswickgroup.com

 Barclays Bank PLC, acting through its Investment Bank

 Nicola Tennent                                   T. 020 7623 2323

 Stuart Muress

 Numis                                            T. 020 7260 1000

 Luke Bordewich

 Stuart Ord

 Ollie Steele

 Liberum                                          T. 020 3100 2000

 John Fishley

 Kane Collins

 Nikhil Varghese

 

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