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Bystronic AG
M&A Activity • Jun 30, 2021
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News Details
Ad-hoc | 30 June 2021 18:00
Bystronic AG: Strategic transformation completed – sale of Mammut finalized
Bystronic AG / Key word(s): Disposal
30-Jun-2021 / 18:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Ad hoc release pursuant to Art. 53 LR
**Strategic transformation completed – sale of Mammut finalized
Zurich, June 30, 2021 – Bystronic has finalized the sale of Mammut, which was announced on April 26, 2021. The Mammut business unit was sold to Telemos Capital, London, UK, for an enterprise value of CHF 230 million, including an earn-out structure of up to CHF 45 million. Telemos Capital was founded by its Chairman Philippe Jacobs, who is also Co-Chairman of Jacobs Holding AG, Zurich, Switzerland.**
The transfer of control took effect on June 30, 2021, together with the corresponding deconsolidation. In 2020, the Mammut Sports Group business unit contributed sales of CHF 218 million to Bystronic’s top line (reported by the Conzzeta AG holding company (SIX: CON) prior to the change of name).
The parties also agreed on an interest-bearing vendor loan of CHF 60 million, which will be repaid by the purchaser over a maximum period of five years. Due to the earn-out structure, the divestment proceeds of this transaction in the 2021 financial year are expected to break even.
The half-year results as per June 30, 2021 will be published on August 6, 2021.
The closing of the divestment marks the successful completion of the strategic portfolio transformation. The name change of the Group took effect at the end of April and the shares have being traded on the SIX Swiss Exchange under the new ticker symbol BYS since May 3, 2021.
For queries:
Bystronic Investor Relations
Doris Rudischhauser
Investor Relations Officer
Mobile: +41 79410 81 88
E-mail: [email protected]
Bystronic Media Relations
Michael Präger
Chief Communications & ESG Officer
Mobile: +41 79 870 01 43
E-mail: [email protected]
About Bystronic
Bystronic (SIX: BYS) is a leading global technology company in the field of sheet metal processing. The focus is on the automation of the complete material and data flow of the cutting and bending process chain. The intelligent networking of laser cutting systems and press brakes based on innovative automation, software, and service solutions is key to achieving the comprehensive digitalization of the sheet metal processing industry.
Bystronic’s operational headquarters are located in Niederönz, Switzerland. Additional development and production sites are located in Sulgen (Switzerland), Gotha (Germany), Cazzago San Martino and San Giuliano Milanese (Italy), Tianjin and Shenzhen (China), and Hoffman Estates (USA). We are active with our own sales and service companies in more than 30 countries and are represented by agents in numerous other countries.
Disclaimer
This release contains forward-looking statements, which are subject to uncertainty and risks. Actual future results may differ materially from those expressed in or implied by these statements. Some of these uncertainties and risks relate to factors that are beyond Bystronic’s ability to control or predict precisely, such as, in particular, future market conditions, currency fluctuations, or the behavior of other market participants. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Bystronic disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or any other factors.
Additional features:
File: Strategic transformation completed – sale of Mammut finalized
End of ad hoc announcement
| Language: | English |
| Company: | Bystronic AG |
| Giesshübelstrasse 45 | |
| 8045 Zürich | |
| Switzerland | |
| Phone: | +41 79 410 81 88 |
| E-mail: | [email protected] |
| Internet: | ir.bystronic.com |
| ISIN: | CH0244017502 |
| Valor: | A117LR |
| Listed: | Regulated Unofficial Market in Berlin, Frankfurt, Stuttgart; SIX Swiss Exchange |
| EQS News ID: | 1213920 |
| End of Announcement | EQS Group News Service |