Acquisition of Intersport operations in Russia concluded
(Thomson Reuters ONE) -
KESKO CORPORATION STOCK EXCHANGE RELEASE 24.08.2011 AT 17.45 1(1)
The subsidiary established by Kesko for INTERSPORT sports retailing in Russia is
starting its operations. At the initial stage, the company operates 12 sports
stores in the St. Petersburg and Moscow regions. The company intends to increase
the number of its sports stores to 36 by the end of this year.
Based on the key terms and conditions of the arrangement concluded today, the
Kesko subsidiary has acquired 12 INTERSPORT sports stores, including support
functions required in the operations, from companies also engaging in INTERSPORT
operations in the St. Petersburg and Moscow regions. Moreover, by the end of
this year, the company is due to acquire the 24 stores left to the companies
after the acquisition concluded today. Most of these stores are also located in
the St. Petersburg and Moscow regions. In the future, the objective is to at
least double the INTERSPORT store site network by the end of 2015.
In this context, the stores' fixed assets and inventories, leases, as well as
stocks, support functions and personnel needed for the operations transferred to
the company. The purchase price of the assets transferred to the company now and
subsequently will be determined based on the actual value as at the transfer
dates.
Kesko owns 80% and Melovest Ltd 20% of the company. The company shareholders,
Kesko and Melovest, provide funds to the company operations in proportion to
their ownership interests.
The arrangement is not expected to have a material impact on Kesko's sales,
profit or financial position during the next 12 months.
Kesko has announced the arrangement in an earlier stock exchange release, on 3
June 2011.
Further information is available from Senior Vice President Matti Leminen,
telephone +358 1053 40100, and Juha Nurminen, President of Intersport Finland
Ltd, telephone +358 1053 40950.
Kesko Corporation
Merja Haverinen
Senior Vice President, Corporate Communications and Responsibility
DISTRIBUTION
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Main news media
www.kesko.fi
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Source: Kesko Oyj via Thomson Reuters ONE
[HUG#1540975]
Unternehmensinformation / Kurzprofil:
Datum: 24.08.2011 - 16:46 Uhr
Sprache: Deutsch
News-ID 58951
Anzahl Zeichen: 2933
contact information:
Town:
Kesko
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"Acquisition of Intersport operations in Russia concluded"
steht unter der journalistisch-redaktionellen Verantwortung von
Kesko Oyj (Nachricht senden)
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