Leoni AG signs agreement with BizLink Holding Inc. on sale of the Business Group Industrial Solutions belonging to the Wire & Cable Solutions Division
Leoni AG signs agreement with BizLink Holding Inc. on sale of the Business Group Industrial Solutions belonging to the Wire & Cable Solutions (WCS) Division ?
Nuremberg, 01 October 2021 - Leoni AG (ISIN: DE0005408884 / WKN: 540888) today signed a binding agreement with BizLink, an international provider of solutions for cables and connectivity services, on the sale of the Business Group Leoni Industrial Solutions.
The sold activities generated sales of approximately ? 430 million in fiscal year 2020 and are valued with an enterprise value of around ? 450 million. The expected cash inflow of more than ? 300 million after deduction of, among other things, financial liabilities and pension charges is to be used to improve liquidity. The transaction will thus contribute to significantly improving Leoni's financial position. Upon completion of the sale, a profit of around ? 200 million is expected, to be accounted for in the Group's reported EBIT.
The closing of the transaction is still subject to approval of Leoni AG's financing banks and customary closing conditions, including merger control and investment review, and is expected in early 2022. The Executive Board and the Supervisory Board of Leoni AG as well as the Board of the buyer have already approved the planned sale. ?
Contact Press LEONI AG Gregor le Claire Corporate Press Officer Phone: +49 911 2023-226 E-mail: email@example.com
Contact Investor Relations LEONI AG Rolf Becker Senior Manager Investor Relations Phone: +49 911 2023-134 E-mail: firstname.lastname@example.org
01-Oct-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Leoni AG Marienstra?e 7 90402 Nuremberg
Germany Phone: +49 (0)911 20 23-234 Fax: +49 (0)911 20 23-382 E-mail: email@example.com Internet: www.leoni.com ISIN: DE0005408884 WKN: 540888 Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange; Madrid EQS News ID: 1237450 ? End of Announcement DGAP News Service