August 8, 2017 / 5:30 AM / 2 years ago

BRIEF-Pandora takes over distribution in Spain from City Time

Aug 8 (Reuters) - PANDORA A/S

* PANDORA TAKES OVER THE DISTRIBUTION IN SPAIN

* SAYS HAS ENTERED INTO AN AGREEMENT TO ACQUIRE CITY TIME WHICH OWNS THE DISTRIBUTION RIGHTS TO PANDORA JEWELLERY IN SPAIN, GIBRALTAR AND ANDORRA

* “THE ACQUISITION IS IN LINE WITH OUR STRATEGIC INTENT TO TAKE OVER DISTRIBUTION AND ENABLES US TO GAIN FULL CONTROL OF THE NETWORK IN SPAIN AND REALIZE THE FULL POTENTIAL OF OUR BRAND IN THIS PROMISING MARKET,” SAYS ANDERS COLDING FRIIS, CEO IN PANDORA

* PANDORA WILL PAY THE OWNERS OF CITY TIME A TOTAL AMOUNT OF AROUND EUR 110 MILLION FOR 100 PCT OF THE SHARE CAPITAL IN CITY TIME Source text for Eikon: Further company coverage: (Reporting by Stine Jacobsen)

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