Mechelen, 27 November 2019, 8h30 CET - FNG NV (Euronext Brussels and Euronext Amsterdam), ('FNG') hereby announces that the Ellos transaction (i.e. the acquisition by FNG Nordic AB (publ), a 100% subsidiary of FNG, of all shares and securities in Ellos Group Holding AB (publ) (together with its subsidiaries, 'Ellos Group') from Nordic Capital and its other current shareholders) has been closed on 26 November 2019. Ellos Group is an e-commerce leader in fashion and home furnishings in the Nordic region, with the strong brands Ellos, Jotex, Stayhard and Homeroom.

The SFSA has approved the ownership assessment (Sw. ägarprövning) of FNG to become the indirect holder of the shares in Ellos AB, Jotex Sweden AB and Stayhard Aktiebolag, pursuant to the Swedish Securities Market Act (2007:528) (Sw. lagen (2007:528) om värdepappersmarknaden). The sole condition precedent for the completion of this transaction has thus been fulfilled.

The final purchase price paid on 26 November 2019 consists of:

  • SEK 950,688,255.89 - in cash, paid out of the proceeds of the Nasdaq bonds issued by FNG Nordic AB (publ);
  • 1,400,000 existing FNG shares ;
  • A vendor loan of SEK 150,000,000.-;
  • Mandatory convertible bonds in the amount of EUR 22,000,000.-, with adjustment warrant;
  • A zero coupon convertible loan in the amount of EUR 22,400,000.-, which can be converted on 15 January 2021 in 700,000 (newly to be issued) FNG shares, at the discretion of FNG NV.

For more information about Ellos Group and the transaction reference is made to the press releases of 4 July 2019 and 27 September 2019.

Through this acquisition, FNG enters the Nordic market, expands its e-commerce offering and adds an attractive home interior product offering.

'Ellos Group has shown how to successfully grow their business in the Nordics based on a curated ecommerce model. For FNG, the Ellos acquisition is an important strategic step. FNG moves into the Nordic market place as well as into home decoration products, one of the fastest growing categories online. Together, the new combination will become a strong player in the European market place with great future potential.', commented Dieter Penninckx, CEO of FNG.

'As a leading Nordic e-commerce platform with a unique customer offering in fashion and home furnishings, Ellos Group has in recent years developed an excellent platform to drive further growth. European expansion is a natural next step for us, and this can now be accelerated with FNG as our new owner. With its extensive experience in the European fashion industry, FNG can provide new insights and strategic support in the next stages of our development journey', says Hans Ohlsson, CEO of Ellos Group.

Nordic Capital, together with Frankenius Equity AB, have become significant shareholders in FNG.

Voor meer info:

Dieter Penninckx
CEO

FNG NV
Bautersemstraat 68A
2800 Mechelen
Belgium

KBO: 0697.824.730

Phone: +32 15 293 444
dieter.penninckx@fng.eu

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FNG NV published this content on 27 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 November 2019 08:42:03 UTC