LONDON (dpa-AFX) - Hyve Group Plc (HYVE.L) said that it has entered into a conditional agreement with Rise Expo Limited with respect to the sale of its Russian business for a maximum cash consideration of 72 million pounds, wholly structured as earn-out consideration payable over a ten-year period.
In addition, the Group currently expects to have retained approximately 10 million pounds from the Russian business prior to the completion of the disposal. The Group expects to report a loss on disposal of its Russian business as a result of the transaction.
In a separate press release, Hyve Group reported that its revenue, excluding Russian revenues of about 17 million pounds, for the six months ended 31 March 2022 was approximately 58 million pounds, compared to 5 million pounds in the previous year.
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