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    LEO   DE0005408884

LEONI AG

(LEO)
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Bizlink Holding Inc. entered into binding legal agreement to acquire Business Group Industrial Solutions of WCS Division from LEONI AG for an enterprise value of approximately €450 million.

10/01/2021 EST

Bizlink Holding Inc. (TWSE:3665) entered into binding legal agreement to acquire Business Group Industrial Solutions from LEONI AG (XTRA:LEO) for an enterprise value of approximately €450 million on October 1, 2021. The consideration will be in cash and will be financed with existing cash and committed financing. BizLink Holding Inc. to acquire LEONI AG's Industrial Solutions business group with Speedy Industrial Supplies Ptd Ltd to fully acquire LEONI Special Cables (China) Co. Ltd., with EA Cable Assemblies GmbH to fully acquire LEONI elocab GmbH, LEONI Special Cables GmbH, Silitherm S.r.l., LEONI Industry Slovakia Spol. s.r.o., LEONI Industry Verwaltungs-GmbH, LEONI Systems Spain S.L.U. All seven legal entities listed will be 100% owned by BizLink Holding Inc. Business Group Industrial Solutions reported a revenue of €430 million in 2020. The transaction is subject to Leoni AG's financing banks, customary closing conditions and the receipt of required regulatory approvals. The Executive Board and the Supervisory Board of Leoni AG as well as the Board of Bizlink have already approved the sale. The transaction is expected to close in early 2022. The expected cash inflow of more than €300 million after deduction of, among other things, financial liabilities and pension charges is to be used by LEONI AG to improve liquidity. The transaction is expected to be accretive to Bizlink immediately upon closing. Gwyneth Gu, Thomas Gilles, Fang-Yi Jen, Joachim Ponseck, Arthur M. Swierczok, Kathrin Marchant, Johannes Teichmann, Lena Kern, Anahita Thoms, Andreas Schulz, Rembert Niebel and Sonja Klein of Baker McKenzie acted as the legal advisors to BizLink Holding.


© S&P Capital IQ 2021
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Analyst Recommendations on LEONI AG
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Financials
Sales 2021 5 092 M 5 760 M 5 760 M
Net income 2021 25,1 M 28,4 M 28,4 M
Net Debt 2021 1 610 M 1 821 M 1 821 M
P/E ratio 2021 13,5x
Yield 2021 -
Capitalization 337 M 381 M 381 M
EV / Sales 2021 0,38x
EV / Sales 2022 0,36x
Nbr of Employees 102 262
Free-Float 78,5%
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Mean consensus UNDERPERFORM
Number of Analysts 5
Last Close Price 10,32 €
Average target price 11,14 €
Spread / Average Target 7,95%
EPS Revisions
Managers and Directors
Aldo Kamper President & Chief Executive Officer
Ingrid Jägering Chief Financial Officer
Klaus Probst Chairman-Supervisory Board
Franz Spieß First Deputy Chairman-Supervisory Board
Karl-Heinz Lach Member-Supervisory Board
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