Kering sells 5.9% stake in Puma
Luxury group Kering has completed the sale of approximately 5.9% of its stake in sportswear company Puma SE for about €655.6 million.
Kering announced on Monday, October 5, 2020, the successful completion of its sale of approximately 5.9% of the share capital in Puma SE. The sale was conducted through an accelerated bookbuilding process to qualified investors, totaling approximately €655.6 million. The sale price was set at €74.50 per Puma share.
Following this transaction, Kering's remaining stake in Puma will be 9.8%. Kering and its holding company Artémis have entered into a lock-up agreement for the sold Puma shares, which is expected to end 90 days after the settlement date, subject to certain exceptions.
The proceeds from the sale will be used for Kering's general corporate purposes and to further strengthen its financial structure. Settlement for the placement is expected on October 8, 2020.
Kering is a global luxury group that manages the development of renowned Houses in Fashion, Leather Goods, Jewelry, and Watches. In 2019, Kering had nearly 38,000 employees and generated revenue of €15.9 billion.