Macintosh & Retail Network to buy Scapino for €140m
27 Feb '06
2 min read
The Dutch store chain Macintosh Retail Group and Retail Network have come to a final agreement on the acquisition of shoe retailer Scapino by Macintosh Retail Group with retroactive effect to February 1st 2006.
The acquisition price amounts to €140 million cash and debt free. Scapino's operating profit for the 2005/2006 financial year (February 1st 2005 to January 31st 2006) amounted to €16.9 million (under Dutch GAAP).
Based on Scapino's figures for the 2005/2006 financial year and taking financing charges into account, the annual contribution to net earnings per share of Macintosh Retail Group would have amounted to some € 0.90. It is expected that Scapino will contribute substantially to net earnings per share of Macintosh Retail Group in the future.
The shareholders of Macintosh Retail Group NV will be requested to approve the acquisition during an extraordinary meeting of shareholders to be held on March 14th 2006.
Macintosh NV is a chain of retail shops which specializes in fashion wear, home furnishing & decoration and automotive accessories.
The group operates through 278 shops in the Netherlands, Belgium, Luxembourg & recently through pilot shops in Germany, France & Denmark. Shop formulas are Superconfex (clothing), Kwantum (home furnishings), Tonton Tapis, Bartels Decor, GP Decor (home decorations), Klerkx group (furniture) and Halfords (bicycles; car and bicycle accessories).