Beter Bed Holding reaches agreement on the divestment of Matratzen Concord
14 October 2019
- Beter Bed Holding is pleased to announce it has reached agreement with Magical Honour Limited for the divestment of Matratzen Concord Germany, Switzerland and Austria for a purchase price of € 5 million in cash, plus an additional contingent deferred payment in cash dependent on the performance of Matratzen Concord in the first year after completion.
- Completion of the divestment is expected by the end of 2019, at the latest, and is subject to regulatory approval in Germany, limited confirmatory due diligence and Beter Bed Holding’s shareholder approval.
- As part of the investment in Matratzen Concord, Magical Honour Limited is committing to invest € 15 million in Matratzen Concord to ensure the company’s recovery and future growth.
- The divestment of Matratzen Concord is accompanied by a concurrent equity investment in Beter Bed Holding of Magical Honour Limited of € 5 million, consisting of 2.15 million shares at € 2.32 per share.
- The agreement significantly enables the return to financial stability of Beter Bed Holding and positions the company for sustainable growth.
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