DGAP-Adhoc: Leoni AG signs agreement with Stark Corporation Public Company Limited on sale of the Business Group Automotive Cable Solutions belonging to the Wire & Cable Solutions (WCS) Division

DGAP-Ad-hoc: Leoni AG / Key word(s): Disposal
Leoni AG signs agreement with Stark Corporation Public Company Limited on sale of the Business Group Automotive Cable Solutions belonging to the Wire & Cable Solutions (WCS) Division

23-May-2022 / 13:21 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Leoni AG signs agreement with Stark Corporation Public Company Limited on sale of the Business Group Automotive Cable Solutions belonging to the Wire & Cable Solutions (WCS) Division
 

Nuremberg, 23 May 2022 – Leoni AG (ISIN: DE0005408884 / WKN: 540888) today signed an agreement with Stark Corporation Public Company Limited, a wire and cable supplier headquartered in Bangkok, on the sale of the Business Group Automotive Cable Solutions.

The sold activities generated sales of approximately € 1.3 billion in fiscal year 2021 and are valued with an enterprise value of € 560 million. The expected cash inflow after deduction of, among other things, financial liabilities and pension costs is significantly above € 400 million and will also have a correspondingly positive effect on the reported free cash flow.

The completion of the sale is still subject to various closing conditions, including required merger control and investment control clearances, which are expected to be granted within six months. The closing of the transaction is also subject to the approval of LEONI Group‘s financing partners. The transaction is related to the refinancing concept, which is currently not yet finally defined. The Board of Directors and the Supervisory Board of Leoni AG as well as the Board of the buyer have already approved the planned sale.


Contact Press
Gregor le Claire
Corporate Press Officer
Phone +49 911 2023-226
E-mail gregor.leClaire@leoni.com

Contact Investor Relations
Rolf Becker
Senior Manager Investor Relations
Phone +49 911 2023-134
E-mail rolf.becker@leoni.com

23-May-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English Company: Leoni AG Marienstraße 7 90402 Nuremberg Germany Phone: +49 (0)911 20 23-234 Fax: +49 (0)911 20 23-382 E-mail: veroeffentlichung@leoni.com Internet: www.leoni.com ISIN: DE0005408884 WKN: 540888 Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange; Madrid EQS News ID: 1359033
  End of Announcement DGAP News Service

1359033  23-May-2022 CET/CEST