Lagardère Services announces the signature of an agreement in order to sell to Valora AG of its 65% stake in Lagardère Services Distribution Suisse (“LSDS”, formerly Payot Naville Distribution), its Press Distribution and Integrated Retail Swiss subsidiary (180 points of sale).
This transaction represents a new step in Lagardère Services’ plans to sell off its Press Distribution and Integrated Retail activities.
This agreement will allow Valora, a renowned industry player, to build up the company through integration with its own activities.
Tamedia Publications romandes SA, LSDS’ long-term shareholder, is also selling its 35% stake.
The Duty Free and Fashion businesses will remain with Lagardère Services.
LSDS had consolidated sales of approximately € 313 million in 2013(1) and a recurring EBIT(2) of 9,6 M€. The sale price (equity value at 100%) is about €110m.
The transaction is expected to be concluded once authorisation is received from the Swiss competition authorities.
(1) Excluding Payot SA and SI André Piller activities disposed respectively in July and September 2014.
(2) Recurring EBIT before associates.
Lagardère is a world-class diversified media group (Books and e-Publishing; Travel Retail and Distribution; Press; Audiovisual, Digital and Advertising Sales Brokerage; Sports and Entertainment).
Lagardère shares are listed on Euronext Paris.
Some of the statements contained in this document are not historical facts but rather are statements of future expectations and other forward-looking statements that are based on management's beliefs. These statements reflect such views and assumptions prevailing as of the date of the statements and involve known and unknown risks and uncertainties that could cause future results, performance or future events to differ materially from those expressed or implied in such statements.
Please refer to the most recent Reference Document (Document de référence) filed by Lagardère SCA with the French Autorité des marchés financiers for additional information in relation to such factors, risks and uncertainties.
Lagardère SCA has no intention and is under no obligation to update or review the forward-looking statements referred to above. Consequently Lagardère SCA accepts no liability for any consequences arising from the use of any of the above statements.