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Leoni AG to agree on sale of the Business Group Industrial Solutions belonging to the Wire & Cable Solutions (WCS) Division with BizLink Holding Inc.

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Leoni AG / Key word(s): Disposal
Leoni AG to agree on sale of the Business Group Industrial Solutions belonging to the Wire & Cable Solutions (WCS) Division with BizLink Holding Inc.

01-Oct-2021 / 01:07 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 to agree on sale of the Business Group Industrial Solutions belonging to the Wire & Cable Solutions (WCS) Division with BizLink Holding Inc.
 

Nuremberg, 01 October 2021 - Leoni AG (ISIN: DE0005408884 / WKN: 540888) to reach 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. This step is subject to the approval of the board of the buyer.

The activities to be sold 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 would 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 signing is subject to the approval of the board of the buyer. The closing of the transaction requires the approval of Leoni AG's financing banks and customary closing conditions, including merger control and investment review, and is expected in early 2022. The Board of Directors and the Supervisory Board of Leoni AG have already approved the planned sale.
 

Contact
LEONI AG
Rolf Becker
Senior Manager Investor Relations
Phone: +49 911 2023-134
E-mail: rolf.becker@leoni.com

01-Oct-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Leoni AG

Marienstraße 7

90402 Nuremberg

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:

1237394


 

End of Announcement

DGAP News Service

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