Brief: Sonae's Unit MCretail Reaches Agreement For Combination Of Druni And Arenal Perfumerias Businesses

Sonae SGPS SA

06/06/2023 07:45

June 6 (Reuters) - Sonae - SGPS SA  YSO.LS :
    * INFORMS THAT ITS SUBSIDIARY MCRETAIL ENTERED INTO AN
AGREEMENT
WITH THE FOUNDING SHAREHOLDERS OF DRUNI AND ARENAL PERFUMERIAS
FOR COMBINATION OF BUSINESSES OF THESE TWO COMPANIES
    * COMBINATION OF DRUNI AND ARENAL BUSINESSES WILL RESULT IN
CREATION OF A LEADING OPERATOR IN HEALTH, WELLNESS AND BEAUTY IN
SPAIN, WITH A TURNOVER OF APPROXIMATELY 800 MILLION EUROS
    * MCRETAIL WILL CONTRIBUTE ITS 60% STAKE IN ARENAL TO
COMBINED
ENTITY AND AN ADDITIONAL INVESTMENT OF SOME 112 MILLION EUROS
    * ON THEIR SIDE, THE FOUNDING SHAREHOLDERS OF ARENAL WILL
SELL
THEIR 40% STAKE IN ARENAL TO THE COMBINED ENTITY
    * AFTER THE TRANSACTION, NEW PARTNERSHIP WILL BE 50% OWNED
BY A
SUBSIDIARY OF MC, IN WHICH ARENAL'S FOUNDING SHAREHOLDERS WILL
HOLD A MINORITY STAKE OF AROUND 10%, AND 50% BY DRUNI'S FOUNDING
SHAREHOLDERS
    * NEW ENTITY WILL BE FULLY CONSOLIDATED BY MC AS A RESULT OF
THE
RIGHTS GRANTED TO IT BY THE SHAREHOLDER AGREEMENT
    * COMPLETION OF TRANSACTION IS CONDITIONAL ON APPROVALS OF
COMPETENT AUTHORITIES FOR TRANSACTION OF THIS NATURE, AND SONAE
EXPECTS IT TO BE COMPLETED DURING SECOND HALF OF 2023

Source text: https://tinyurl.com/mryxsyxb
Further company coverage:  YSO.LS 

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