Richemont to Acquire Yoox Net-A-Porter for a Maximum Value of EUR2.69 Billion
January 22 2018 - 1:59AM
Dow Jones News
By Marc Bisbal Arias
Swiss Compagnie Financiere Richemont SA (CFR.EB) plans to
acquire all of the Yoox Net-A-Porter Group SpA (YNAP.MI) shares it
doesn't already own for a maximum price of 2.69 billion euros
($3.29 billion).
Richemont currently owns 24.97% of YNAP's ordinary shares. It
will offer EUR38 for each of the remaining 75.03%, which represents
a 25.6% premium from YNAP's last closing price.
The offer is for all existing and to-be issued shares, and YNAP
Chief Executive Federico Marchetti plans to accept it, the Swiss
company said Monday.
Richemont Chief Executive Johann Rupert said that the company
intends to strengthen YNAP's "leading positioning in luxury
e-commerce, growing the business in existing and new geographies,
increasing product availability and range."
The company said that YNAP will continue to operate as a
separate business to ensure it remains a highly attractive platform
for third-party luxury brands.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
January 22, 2018 02:44 ET (07:44 GMT)
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