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CDON Group AB to Divest Heppo AB


Wednesday, 17 Apr 2013 02:20am EDT 

CDON Group AB announced that it has entered into an agreement to sell the operations of subsidiary Heppo AB to Footway Group AB. The transaction is made through an asset deal and includes the majority of Heppo AB's assets, as well as the liabilities attributable thereto. Heppo AB is part of the Group's fashion segment and reported total net sales of approximately SEK 103 million and an operating result of approximately negative SEK 20 million in 2012. The purchase price is estimated to SEK 42 million, half of which is received as a cash consideration at closing, and the remainder received as four installments between September 2013 and June 2014. The transaction is expected to close on April 18, 2013 and affect second quarter earnings with approximately negative SEK 3 million. Heppo AB's is an online retailer of shoes and accessories founded by CDON Group in August 2010. Heppo operates the Nordic online stores heppo.se, heppo.no, heppo.dk and heppo.fi. 

Company Quote

18.7
-0.5 -2.60%
28 Nov 2014