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CTG DUTY-FREE to Acquire DFS HK & MO Biz for HKD3B+, Issue Shrs to LVMH/ Miller Family at 11.7% Discount
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CTG DUTY-FREE (01880.HK) announced an agreement with DFS Group under luxury giant LVMH Group and DFS co-founder and shareholder Robert Miller. As per the agreement, CTG DUTY-FREE will acquire DFS' travel retail business in Hong Kong and Macau, as well as intangible assets in Greater China, including exclusive rights to a series of DFS brands and IPs in this region. The acquisition price is expected to be no more than USD395 million (around HKD3.08 billion). Moreover, as a complementary investment, CTG DUTY-FREE will issue up to 7.3301 million and 4.6374 million new H-shares to LVMH Group's wholly-owned subsidiary Delphine SAS and the Miller family trust's Shoppers Holdings HK Limited, respectively, at a subscription price of HKD77.21 per share, a discount of around 11.66% to its closing price yesterday (19th). Upon completion, LVMH and the Miller family are anticipated to hold around 0.35% and 0.22% of CTG DUTY-FREE's total share capital, respectively. The estimated net proceeds of up to HKD924 million will be used by CTG DUTY-FREE to supplement company capital and support its domestic and international business development. AAStocks Financial News |
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