Brief: Sonae Says JD Sports Intends To Become Sole Shareholder Of Iberian Sports Retail Group

Sonae SGPS SA

07/07/2023 07:25

July 7 (Reuters) - Sonae - SGPS SA  YSO.LS :
    * RECEIVED NOTIFICATION FROM JD SPORTS FASHION COMMUNICATING
ITS
INTENTION REGARDING THE BUY OR SELL OPTION EXERCISED BY SONAE
TOGETHER WITH BALAIKO FIRAJA INVEST (MINORITIES)
    * BUY OR SELL OPTION EXERCISED OVER SHAREHOLDINGS THAT JD
GROUP
AND MINORITIES RESPECTIVELY OWN IN IBERIAN SPORTS RETAIL GROUP,
SL (ISRG)
    * JD GROUP INTENDS TO ACQUIRE 50% MINUS 2 SHARES THAT
MINORITIES
CURRENTLY HOLD IN ISRG (TRANSACTION), BECOMING SOLE SHAREHOLDER
OF COMPANY
    * SALE OF SONAE'S 30% MINUS 1 SHARE HELD IN  EUROS AND
ESTIMATED
CAPITAL GAIN OF C. €175 MILLION
    * IMPLICIT MULTIPLE OF THIS TRANSACTION IS OF 9.0X
ATTRIBUTABLE
EBITDA FOR THE FINANCIAL YEAR ENDED IN JANUARY 2023
    * OPTION ATTRIBUTED EQUITY VALUE OF €1.0 BILLION TO ISRG
    * ANTICIPATES COMPLETION OF TRANSACTION BEFORE END OF 2023
    * THIS TRANSACTION WILL NOT IMPACT SONAE'S CONSOLIDATED
TURNOVER
NOR UNDERLYING EBITDA

Source text: https://tinyurl.com/3zp4u2bm
Further company coverage:  YSO.LS 

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