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Leoni AG / Key word(s): Disposal
Leoni AG 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
23-May-2022 / 13:21 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Leoni AG 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
Nuremberg, 23 May 2022 – Leoni AG (ISIN: DE0005408884 / WKN: 540888) today signed an agreement with Stark Corporation Public Company Limited, a wire and cable supplier headquartered in Bangkok, on the sale of the Business Group Automotive Cable Solutions.
The sold activities generated sales of approximately € 1.3 billion in fiscal year 2021 and are valued with an enterprise value of € 560 million. The expected cash inflow after deduction of, among other things, financial liabilities and pension costs is significantly above € 400 million and will also have a correspondingly positive effect on the reported free cash flow.
The completion of the 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. The closing of the transaction is also subject to the approval of LEONI Group‘s financing partners. The transaction is related to the refinancing concept, which is currently not yet finally defined. The Board of Directors and the Supervisory Board of Leoni AG as well as the Board of the buyer have already approved the planned sale.
Contact Press
Gregor le Claire
Corporate Press Officer
Phone +49 911 2023-226
E-mail gregor.leClaire@leoni.com
Contact Investor Relations
Rolf Becker
Senior Manager Investor Relations
Phone +49 911 2023-134
E-mail rolf.becker@leoni.com
23-May-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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| Language: |
English |
| Company: |
Leoni AG |
|
Marienstraße 7 |
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90402 Nuremberg |
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Germany |
| Phone: |
+49 (0)911 20 23-234 |
| Fax: |
+49 (0)911 20 23-382 |
| E-mail: |
veroeffentlichung@leoni.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: |
1359033 |
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| End of Announcement |
DGAP News Service |
1359033 23-May-2022 CET/CEST
