June 30, 2017 / 5:37 AM / in 4 months

BRIEF-Stockmann to sell its Delicatessen business in Finland

June 30 (Reuters) - STOCKMANN OYJ ABP:

* STOCKMANN TO SELL ITS DELICATESSEN BUSINESS IN FINLAND TO S GROUP - STOCKMANN DELICATESSEN STORES WILL REMAIN IN ALL DEPARTMENT STORES

* DEBT-FREE TRANSACTION PRICE, EUR 27 MILLION, WILL BE PAID IN CASH AT TIME OF CLOSING

* ‍TRANSACTION WILL IMPROVE STOCKMANN GROUP‘S PROFITABILITY FROM 2018 ONWARDS​

* ‍IF APPROVAL IS GRANTED DURING 2017, TRANSACTION CAN BE COMPLETED ON DEC. 31

* TRANSACTION WILL HAVE A POSITIVE CASH FLOW EFFECT OF AROUND 20 MILLION WITH ONE-TIME CAPITAL GAIN OF AROUND 3 MILLION FROM TRANSACTION

* ‍OUTLOOK FOR 2017 REMAINS UNCHANGED​ Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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