Regis to sell stake in European peer
(Reuters) - Hair-salon operator Regis Corp (RGS.N) has agreed to sell its minority stake in European peer Provalliance to the Provost family for 80 million euros ($105.40 million), to focus on its core North American operations.
Regis, the operator of the Vidal Sassoon and Supercuts chains, had hired a financial adviser to help look at options for its non-core assets.
The company expects to incur an after-tax, non-cash net impairment charge of $15 million to $18 million, related to its investment in Provalliance.
The transaction is expected to close prior to September 30, the company said in a statement.
In 2008, Regis merged its continental European operations with that of the Franck Provost Salon Group in exchange for a 30 percent equity interest in the newly formed Provalliance entity.
Regis shares closed at $17.36 on Thursday on the New York Stock Exchange.
($1 = 0.7590 euros) (Reporting by Juhi Arora in Bangalore; Editing by Supriya Kurane)
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