July 6, 2017 / 6:32 AM / in 4 months

BRIEF-Cloetta to divest its Italian operations

July 6 (Reuters) - CLOETTA AB

* CLOETTA TO DIVEST ITS ITALIAN OPERATIONS

* CLOETTA AB SAYS SALE EQUALS AN ENTERPRISE VALUE (EV) OF APPROXIMATELY SEK 450M. PROCEEDS WILL GENERATE A POSITIVE NET CASH EFFECT OF APPROXIMATELY SEK 415M.

* ‍DIVESTMENT WILL RESULT IN AN IMPAIRMENT ESTIMATED TO APPROXIMATELY SEK 365M BEFORE TAX THAT WILL BE REPORTED IN Q2 OF 2017.​

* TRANSACTION IS NOT SUBJECT TO REGULATORY APPROVALS AND IS EXPECTED TO CLOSE IN Q3 OF 2017

* ‍TRANSACTION IS EXPECTED TO CLOSE IN Q3 OF 2017.​ Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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