Richemont (Luxury)

Note: This is a daily stock update and the information stands true as of 07/10/24, 09:00

Update: Richemont finalized the disposal of?YNAP?(YOOX Net-a-Porter)?to Mytheresa.com , a German but US listed entity with a market cap of $370m.

Richemont will bring in the YNAP operation debt free as well as? €555m in cash (c$610m). The deal will be paid in new Mytheresa shares and Richemont will own a 33% stake in the company.

Richemont will also provide YNAP with a six-year €100 million revolving credit facility.

The market cap of Mytheresa post-deal should be around $980m and the Richemont stake is therefore theoretically valued? around $330m, meaning that Richemont gets rid of YNAP for a negative equity value of c$285m.

Richemont originally acquired YNAP in 2018 in a deal valuing it at €5.1 billion. They already took a €2.7bn write-down and will take another €1.3bn net asset write-down.

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