NUREMBERG (dpa-AFX) - Leoni AG (LEOGN) said it will reach a binding agreement to sell the Business Group Leoni Industrial Solutions to BizLink Holding Inc.
The activities to be sold generated sales of about 430 million euros in fiscal year 2020 and are valued with an enterprise value of around 450 million euros.
Upon completion of the sale, a profit of around 200 million euros is expected, to be accounted for in the Group's reported EBIT.
The signing is subject to the approval of the board of the buyer. The closing of the transaction requires the approval of Leoni AG's financing banks and customary closing conditions, including merger control and investment review, and is expected in early 2022.
Copyright RTT News/dpa-AFX