Allerød, 2013-11-01 12:03 CET (GLOBE NEWSWIRE) -- Matas A/S today signed agreements to acquire six associated stores and concurrently signed agreements with 28 out of 29 of the remaining independent store owners to extend the time-limited trading terms in the articles of association of the Matas store network from 31 October 2017 to 31 October 2025 subject to certain changes as set out in the heads of agreement of 13 June 2013.
The acquisition of the six stores is made as part of the company's long-term strategy of continuing to expand and consolidate the Matas A/S retail store network. CEO Terje List said: "We are very pleased that we have successfully reached an agreement on the acquisition of these six stores which will contribute to the continuing growth and value creation of Matas, and that we have also extended the trading terms until 2025 which provides a longer planning horizon for most of the remaining independent store owners."
The consideration for the acquisition of the six stores is approximately DKK 77 million subject to potential adjustments in connection with the final calculation of the balance sheets as of the date of acquisition. The six stores will be consolidated from 1 November 2013 and have total annual revenues in the region of DKK 80 million.
Reference is made to company announcement no. 29/2013 concerning the extension of the time-limited trading terms in the articles of association of the Matas store network from 31 October 2017 to 31 October 2025 subject to certain changes as set out in the heads of agreement of 13 June 2013.
Matas A/S
