March 28, 2018 / 3:22 PM / 8 months ago

BRIEF-Lauritz.Com Group unit Stockholms Auktionsverk sells fine art business

March 28 (Reuters) - Lauritz.Com Group A/S:

* LAURITZ.COM GROUP A/S - STOCKHOLMS AUKTIONSVERK AB SELLS FINE ART BUSINESS

* FINE ART BUSINESS IS SOLD TO GELBA PARTNERS AB AT A PRICE OF DKK 62.8 MILLION (SEK 86.0 MILLION)

* DEAL WILL RESULT IN A GAIN IMPACTING EBITDA OF GROUP POSITIVELY BY APPROXIMATELY DKK 40 MILLION

* SALES PRICE IS PAID PARTLY IN CASH, EARN OUT AND SHARES.

* LAURITZ.COM GROUP- ‍STOCKHOLMS AUKTIONSVERK AB WILL CHANGE NAME TO LAURITZ.COM SVERIGE AB,GELBA PARTNERS AB WILL CHANGE NAME TO STOCKHOLMS AUKTIONSVERK AB​

* IN 2018, GROUP EXPECTS A DECREASE IN NET REVENUE

* LAURITZ.COM GROUP- DUE TO SALE OF STOCKHOLMS AUKTIONSVERK’S FINE ART BUSINESS REVENUE FROM FEES AND COMMISSION EXPECTED TO DECREASE BY 10-15% IN 2018

* ‍EBITDA MARGIN FOR 2018 IS EXPECTED TO BE BETWEEN 20 AND 25 PERCENT EXCLUDING GAIN FROM SALE OF FINE ART BUSINESS​

* UNIT STOCKHOLMS AUKTIONSVERK AB ENTERED AGREEMENT TO SELL FINE ART BUSINESS INTO A SEPARATE COMPANY

* NEW COMPANY - GELBA PARTNERS AB - IS OWNED BY GELBA MANAGEMENT AB WITH 51% AND BY STOCKHOLMS AUKTIONSVERK AB BY 49% Source text for Eikon: Further company coverage:

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