- Prachi Singh |
RNB Retail and Brands AB has closed the divestment of Polarn O. Pyret, announced on March 10, 2021. The company said in a release that the transaction has now been approved by the company’s bondholders and the Swedish Competition Authority. The buyer is the private equity investor Procuritas.
The company added that following a 40 million Swedish krona dividend from Polarn O. Pyret to RNB Retail and Brands, the preliminary purchase price equals 353 million Swedish krona. The payment from Procuritas will be made in two parts; 233 million Swedish krona initially in cash and the remaining 120 million Swedish krona will be paid during 2021.
The company further said that from the combined dividend and first part of the cash consideration by Procuritas of 273 million Swedish krona, transaction costs, repayment of credit facility and amortization of the bond debt with total of 244 million Swedish krona will be paid out. The remaining 29 million Swedish krona will have positive cash flow effect for RNB Retail and Brands.
Image: Polarn O. Pyret, Facebook