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Frasers Group PLC had a binding agreement, announced 17 October 2023, with Signa Retail Department Store Holding GmbH to acquire 100% of SportScheck GmbH. On 30 November 2023, SportScheck GmbH filed for insolvency. Frasers Group PLC subsequently exercised its rights under the agreement to withdraw from the transaction on the same date.
| Date | 30 Nov 2023 |
| Time | 15:50:01 |
| Category | Acquisitions and alliances |
| ID | 2713V |
Date: 30 November 2023
FRASERS GROUP PLC
("Frasers" or the "Group")
Update on agreement to acquire SportScheck
On 17 October 2023, Frasers Group plc ("Frasers" or the "Group") announced that it had entered into a binding agreement with Signa Retail Department Store Holding GmbH to acquire SportScheck (the "Agreement") (the "Transaction"). The Transaction, which was subject to merger control clearance, was to be effected by the acquisition of 100% of the share capital in SportScheck GmbH.
SportScheck GmbH has today filed for insolvency. Frasers has exercised its rights under the Agreement to withdraw from the Transaction.
While Frasers is disappointed by the insolvency of SportScheck, it continues to believe that SportScheck is an attractive asset in one of Europe's most important markets for Sports and it intends to work with the appointed preliminary insolvency administrator of SportScheck with a view to acquiring the SportScheck business/assets out of administration. Frasers remains committed to our ambition to become the leading sports retailer in EMEA.
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FRASERS GROUP PLC |
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Robert Palmer, Company Secretary LEI: 213800JEGHHEAXIJDX34 |
T. 0344 245 9200 |
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Chris Wootton, Chief Financial Officer |
T. 0344 245 9200 |
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Ronnie Laffar, Group Head of Communications |
T. 07931 841082 |
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Andrew Kasoulis, Investor Relations Director |
T. 07826 532191 |
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Rosie Oddy, Brunswick Group, PR Advisors |
T. 07734 861279 |