Richemont to Acquire Yoox Net-A-Porter for a Maximum Value of EUR2.69 Billion

By FeaturesDow Jones Newswires

Swiss Compagnie Financiere Richemont SA (CFR.EB) plans to acquire all of the Yoox Net-A-Porter Group SpA (YNAP.MI) shares it doesn't already own for a maximum price of 2.69 billion euros ($3.29 billion).

Richemont currently owns 24.97% of YNAP's ordinary shares. It will offer EUR38 for each of the remaining 75.03%, which represents a 25.6% premium from YNAP's last closing price.

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The offer is for all existing and to-be issued shares, and YNAP Chief Executive Federico Marchetti plans to accept it, the Swiss company said Monday.

Richemont Chief Executive Johann Rupert said that the company intends to strengthen YNAP's "leading positioning in luxury e-commerce, growing the business in existing and new geographies, increasing product availability and range."

The company said that YNAP will continue to operate as a separate business to ensure it remains a highly attractive platform for third-party luxury brands.

Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com

(END) Dow Jones Newswires

January 22, 2018 02:44 ET (07:44 GMT)

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