Brief: Leoni To Sell Business Group Automotive Cable Solutions To Stark Corporation

Leoni AG

23/05/2022 12:31

May 23 (Reuters) - LEONI AG  LEOGn.DE :
    * SIGNS AGREEMENT WITH STARK CORPORATION PUBLIC COMPANY
LIMITED ON
SALE OF THE BUSINESS GROUP AUTOMOTIVE CABLE SOLUTIONS BELONGING
TO THE WIRE & CABLE SOLUTIONS (WCS) DIVISION
    * SOLD ACTIVITIES GENERATED SALES OF APPROXIMATELY EUR 1.3
BILLION
IN FISCAL YEAR 2021 AND ARE VALUED WITH AN ENTERPRISE VALUE OF
EUR 560 MILLION
    * EXPECTED CASH INFLOW AFTER DEDUCTION OF, AMONG OTHER
THINGS,
FINANCIAL LIABILITIES AND PENSION COSTS IS SIGNIFICANTLY ABOVE
EUR 400 MILLION AND WILL ALSO HAVE A CORRESPONDINGLY POSITIVE
EFFECT ON REPORTED FREE CASH FLOW
    * COMPLETION OF SALE IS STILL SUBJECT TO VARIOUS CLOSING
CONDITIONS, INCLUDING REQUIRED MERGER CONTROL AND INVESTMENT
CONTROL CLEARANCES, WHICH ARE EXPECTED TO BE GRANTED WITHIN SIX
MONTHS

Source text for Eikon:  ID:nEQLhPNSa 
Further company coverage:  LEOGn.DE 

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