March 14, 2018 / 12:20 PM / 5 days ago

Signa Sports plans stock market listing in Frankfurt -sources

FRANKFURT, March 14 (Reuters) - Signa Sports, which bundles German sporting goods retailer Karstadt Sports and some ecommerce activities, plans to list on the Frankfurt stock exchange as it seeks to take advantage of high stock market valuations, people close to the matter said.

Signa Sports owner Rene Benko, an Austrian property investor, has mandated Citi and BNP to organise the flotation, which is expected to take place within the next twelve months, possibly as early as in September, the people said.

They added that Lilja was acting as IPO advisor.

The deal may value Signa Sport at around 1 billion euros ($1.24 billion), one of the people added.

Benko and Citi declined to comment. BNP and Lilja were not immediately available for comment.

Signa Sport is part of Signa Retail, which first bought a portfolio of Karstadt department stores for 1.1 billion euros in 2012 and added the Karstadt divisions Department Stores, Premium and Sports in 2014.

Since 2016, Signa has acquired several online sporting goods retailers, including Outfitter, internetstores, Probikeshop and Tennis-Point.

The sporting goods retail activities posted sales of 650 million euros last year.

Other businesses of the Signa Retail unit, such as the Karstadt department stores and a remaining 49 percent stake in KaDeWe luxury shops, are not part of the planned offering.

Signa’s efforts to buy Hudson’s Bay’s German retailer Kaufhof for 3 billion euros failed last month. ($1 = 0.8083 euros) (Reporting by Arno Schuetze and Matthias Inverardi Editing by Maria Sheahan)

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