Brief: Sonae's Unit Fashion Division Agrees To Sale Modalfa And Zippy
26/05/2025 17:10
Corrects headline, changing to "sell" from "sale" May 26 (Reuters) - Sonae SGPS SA YSO.LS: SUBSIDIARY FASHION DIVISION ENTERED INTO AGREEMENT FOR SALE OF MODALFA AND ZIPPY SALE TO A CONSORTIUM COMPRISED OF FRANCISCO PIMENTEL, CURRENT CEO OF MODALFA, AND FUNDO MERCURIO AGREEMENT AMOUNTS TO AROUND 20 MILLION EUROS, IMPLYING EXPECTED NON-CASH STATUTORY CAPITAL LOSS OF ABOUT 24 MILLION EUROS CLOSING OF DEAL EXPECTED TO OCCUR BY END OF FIRST HALF OF 2025 UPON COMPLETION OF TRANSACTION, MODALFA AND ZIPPY WILL CONTINUE TO BE LED BY THEIR CURRENT MANAGEMENT TEAMS Source text: https://tinyurl.com/34dsap96 Further company coverage: YSO.LS (Gdansk Newsroom) ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))