Richemont offers US$3.4bil to buy Yoox Net-A-Porter
ZURICH: Luxury goods maker Richemont
� offered up to 2.8bil (US$3.42bil) to buy the shares in Yoox Net-A-Porter that it does not already own in a deal aimed at boosting the Swiss company’s online presence.
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The offer, for 38 per share for the 75% of shares that Richemont does not own represents an almost 26% premium to Yoox Net-APorter’s closing price on Friday, according to Thomson Reuters data.
The deal values Italy’s Yoox Net-A-Porter at
� about 3.6bil, according to Reuters data.
In 2015, Yoox bought Richemont’s Net-APorter unit in a transaction that gave the Swiss company a 25% voting stake and put the Italian company’s management in charge.
Now seeking to take control, Richemont chairman Johann Rupert said he sees a “meaningful opportunity” to strengthen Yoox’s position in luxury e-commerce, including by expanding to new markets and adding to the product range.
“We are very pleased with the results achieved by Yoox Net-A-Porter Group’s management team, led by Federico Marchetti, and we intend to support them going forward to execute their strategy and further accelerate the growth of the business,” Rupert said in a statement.
Richemont, the owner of luxury brands Cartier, IWC and Dunhill, announced the deal after the Italian company waived provisions stemming from the 2015 transaction that would have prevented Richemont from boosting its stake.
Yoox’s shares would be delisted from the Milan exchange, according to terms of the deal. — Reuters