Conclusion of the Conditional Agreement for the Sale of an Organized Part of the Enterprise
(Current Report No. 09/2018)
11.04.2018 /Issuer/
Legal basis:
Article 17 Section 1 of the MAR Regulation – Inside Information
The Management Board of CCC S.A. (hereinafter the „Issuer”) hereby gives notice that on 11 April 2018 it entered into a conditional agreement for the sale of an organized part of the enterprise, with Adler International spółka z ograniczoną odpowiedzialnością spółka komandytowa with its registered office in Dąbrówki, Czarna Commune, Łańcut (hereinafter, the “Seller”) (hereinafter the “Agreement”). Pursuant to the Agreement the Issuer agreed to acquire from the Seller an organized part of the enterprise (hereinafter the ”Adler’s OPE”), which involves the operation of retail shoe stores under the ”CCC” brand, belonging to a retail chain organized by CCC, using a set of tangible and intangible assets assigned for carrying out business objectives relating to such business and some liabilities, which set has been organizationally and financially separated within the existing enterprise of the Seller.
Under the transaction based on the Agreement, the Issuer will acquire from the Seller an enterprise, as defined in Article 55(1) of the Civil Code, consisting of 41 agency stores operating in Poland, including 4 stores that are still being prepared. According to the information obtained from the Seller, in the financial year of 2017, the OPE posted a gross profit of PLN 18.5 million. The agreed purchase price of the OPE is PLN 68.5 million.
Pursuant to the Agreement, the Seller intends to use some of the proceeds of the OPE’s sale to expedite the expansion of CCC’s franchise stores in Ukraine and will open 50 new CCC stores by 2021.
The Agreement was entered into subject, inter alia, to obtaining the relevant clearance from the President of the Office of Competition and Consumer Protection for the merger consisting in the Issuer acquiring a portion of the Seller’s assets.
The transaction constitutes the next stage of implementing the CCC S.A. Group’ strategy for the reorganization and development of its retail chain.