Rocket Internet SE: Emaar Malls to Acquire 51% of Middle Eastern Online Fashion Retailer Namshi
Emaar Malls to Acquire 51% of Middle Eastern Online Fashion Retailer Namshi
Global Fashion Group forms strategic partnership with Emaar Malls Emaar Malls will acquire a 51% stake in Namshi in an all-cash transaction of USD 151 million
Dubai, May 24, 2017 - Global Fashion Group ("GFG") has announced today a strategic partnership with Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by property developer Emaar Properties.
Under the partnership, Emaar Malls will acquire a 51% stake in Namshi, the leading online fashion retailer in the Middle East, for a consideration of USD 151 million including investment in the company for its future growth, with GFG retaining the remaining 49%. This partnership will accelerate Namshi's development in the region and allow it to continue to flourish as the region's pre-eminent fashion e-commerce destination.
For further details please reference the press release issued by GFG and Emaar Malls.
About Rocket Internet
Rocket Internet incubates and invests in Internet companies with proven business models. It provides operational support to its companies and helps them scale internationally. Rocket Internet focuses predominantly on four industry sectors of online and mobile retail and services that make up a significant share of consumer spending: Food & Groceries, Fashion, General Merchandise and Home & Living. Rocket Internet's selected companies are active in a large number of countries around the world with more than 28,000 employees. Rocket Internet SE is listed on the Frankfurt Stock Exchange (ISIN DE000A12UKK6, RKET). For further information please visit www.rocket-internet.com.
Disclaimer / Important Note
Despite not having control over the key portfolio companies mentioned above, the aggregate financial information is shown on a 100% basis (i.e. 100% of net revenues and EBITDA). The actual legal and economic interest of the Rocket Internet group in the network companies shown above is far lower than 100%. Please refer to Rocket Internet SE's 2015 consolidated financial statements for additional information on the group's consolidation policies and its segment information.
This document contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Rocket Internet SE and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those described in such statements due to, among other things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations and competition from other companies, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, and other factors. Rocket Internet does not assume any obligations to update any forward-looking statements.
Additional features:Document: http://n.eqs.com/c/fncls.ssp?u=DALAIPTEPQDocument title: Press Release_Namshi_GFG/Emaar
24.05.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English
Company: Rocket Internet SE Charlottenstrasse 4 10969 Berlin
Germany Phone: +49 (0)30 300 13 1800 Fax: +49 (0)30 300 13 1899 E-mail: email@example.com Internet: www.rocket-internet.de ISIN: DE000A12UKK6 WKN: A12UKK Indices: SDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange; Luxemburg End of News DGAP News Service