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BRIEF-Foschini acquires Australia-based Retail Apparel Group
May 25, 2017 / 6:34 AM / 6 months ago

BRIEF-Foschini acquires Australia-based Retail Apparel Group

May 25 (Reuters) - Foschini Group Ltd:

* Acquisition Of Australian speciality menswear apparel retailer, Retail Apparel Group

* Acquisition consideration is capped at lower of 7 times RAG’s audited normalised EBITDA for year ending June 2017 and A$302.5 million

* Consideration will be settled in cash

* Expected purchase price has been hedged

* Expected to consolidate approximately 8 months of RAG’s trading performance in its 31 March 2018 results

* Inclusion of RAG’s trading results is expected to have a positive impact on TFG’s earnings for 2018 financial year

* Acquisition is expected to be earnings accretive in first year of inclusion for TFG Source text for Eikon: Further company coverage:

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