January 29, 2018 / 11:08 AM / 3 months ago

BRIEF-Sixt Signs Contract On Sale Of Its DriveNow Stake To BMW Group

Jan 29 (Reuters) - SIXT SE:

* DGAP-ADHOC: SIXT SE: SIXT SE SIGNS CONTRACT ON THE SALE OF ITS DRIVENOW STAKE TO BMW GROUP

* ‍SIGNED AN AGREEMENT WITH BMW GROUP ON SALE OF ITS ENTIRE STAKE IN JOINT VENTURE DRIVENOW TO BMW GROUP​

* VALUE OF ALL SHARES IN JOINT VENTURE, WHICH WAS ESTABLISHED SEVEN YEARS AGO, WAS RATED AROUND EUR 420 MILLION

* ‍A PURCHASE PRICE OF EUR 209 MILLION WAS AGREED UPON FOR ALL SHARES THAT SIXT SE HOLDS IN DRIVENOW​

* WILL PRESUMABLY GENERATE EXTRAORDINARY PRE-TAX PROFIT OF AROUND EUR 200 MILLION AT GROUP LEVEL IN 2018

* ‍APART FROM NON-RECURRING EARNINGS EFFECT, DOES NOT EXPECT ANY SIGNIFICANT IMPACT ON GROUP SALES OR EARNINGS

* ‍PARTIES EXPECT TO RECEIVE APPROVALS OF ANTITRUST AUTHORITIES​ BY Q2 OF 2018 Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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