Findel to Sell Home Shopping Unit for GBP 3.6m.
MANews-(C)2009-2015
6 February 2015 - UK-based home shopping and education supplies retailer and distributor Findel plc has entered into a binding agreement to sell its Kleeneze Ltd. home shopping subsidiary to US-based home shopping specialist CVSL's Trillium Pond AG subsidiary for around GBP 3.6m (USD 5.48m), the company said on Friday.
A substantial majority of the consideration payable in cash and the remainder in CVSL shares, the company said.
The transaction is expected to complete before the end of March 2015.
Findel said that the transaction is conditional upon CVSL obtaining formal approval from the NYSE and other customary completion matters.
The proceeds (including those realised from the sale of CVSL shares) will be used to further reduce the group's bank debt. In addition, as part of an arms-length agreement, Express Gifts will continue to provide Kleeneze with distribution and other support services on an exclusive basis...
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