Aquinos, S.A. entered into a binding agreement to acquire Bedding business line from Recticel SA/NV for €122.4 million on November 18, 2021. The cash consideration based on an enterprise value of €122.4 million on a cash and debt free basis. As per the transaction, €17.9 million IFRS 16 liabilities will be transferred as well. In 2020 the Bedding business line generated total sales of €225.9 million. The sale of the Bedding business line is subject to shareholder approval and is expected to take place during the first quarter of 2022. As of November 26, 2021, the transaction is expected to close on February 28, 2022. The proceeds of the sale will be used to reduce outstanding debt.

J.P. Morgan acted as sole financial advisor to Recticel. Dominique Maes and Kim Stas of Baker & McKenzie LLP acted as legal advisor to Aquinos.

Aquinos, S.A. completed the acquisition of Bedding business line from Recticel SA/NV on March 31, 2022. Dirk Arts, Daniel Bolm, Christian Hilmes, Charles Honée, Dirk Meeus, Sophie Roozendaal, Suzanne Sikkink and Peter Van Dyck of Allen & Overy LLP (Brussels) acted as legal advisor to Recticel SA/NV (ENXTBR:REC).