Leoni To Sell Business Group Automotive Cable Solutions To Stark Corporation
May 23 (Reuters) - LEONI AG LEOGn.DE :
* SIGNS AGREEMENT WITH STARK CORPORATION PUBLIC COMPANY LIMITED ON SALE OF THE BUSINESS GROUP AUTOMOTIVE CABLE SOLUTIONS BELONGING TO THE WIRE & CABLE SOLUTIONS (WCS) DIVISION
* SOLD ACTIVITIES GENERATED SALES OF APPROXIMATELY EUR 1.3 BILLION IN FISCAL YEAR 2021 AND ARE VALUED WITH AN ENTERPRISE VALUE OF EUR 560 MILLION
* EXPECTED CASH INFLOW AFTER DEDUCTION OF, AMONG OTHER THINGS, FINANCIAL LIABILITIES AND PENSION COSTS IS SIGNIFICANTLY ABOVE EUR 400 MILLION AND WILL ALSO HAVE A CORRESPONDINGLY POSITIVE EFFECT ON REPORTED FREE CASH FLOW
* COMPLETION OF SALE IS STILL SUBJECT TO VARIOUS CLOSING CONDITIONS, INCLUDING REQUIRED MERGER CONTROL AND INVESTMENT CONTROL CLEARANCES, WHICH ARE EXPECTED TO BE GRANTED WITHIN SIX MONTHS Source text for Eikon: ID:nEQLhPNSa Further company coverage: (Gdansk Newsroom)
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