CEC CECONOMY AG

DGAP-News: CECONOMY AG: Closing of transaction with Convergenta expected for early June 2022

DGAP-News: CECONOMY AG / Key word(s): Corporate Action/AGM/EGM
CECONOMY AG: Closing of transaction with Convergenta expected for early June 2022

17.05.2022 / 08:40
The issuer is solely responsible for the content of this announcement.


CECONOMY expects closing of transaction with Convergenta already at the beginning of June 2022

  • Resolutions of the Extraordinary General Meeting and the separate meeting of the holders of preference shares on 12 April 2022 are unchallengeable.
  • CECONOMY will become sole shareholder of MediaMarktSaturn - Convergenta will in turn become anchor shareholder of CECONOMY.
  • The conversion of preference shares into ordinary shares is expected to be completed by the end of May 2022.
  • CEO Dr. Karsten Wildberger: "This is an important step for our company and we are pleased that it is now happening quickly. With the simplified shareholder structure, we are also setting the course for a successful future in organizational terms. We will be faster and more effective and can concentrate fully on the essentials: on our customers, on the business. The transaction is value-creating in every respect - for all stakeholders."

Düsseldorf, 17 May 2022 - No suits have been filed against the resolutions of the Extraordinary General Meeting of CECONOMY held on April 12, 2022. With that nothing stands in the way of simplifying and unifying the shareholder structure of CECONOMY and MediaMarktSaturn. At the Extraordinary General Meeting, the shareholders of CECONOMY had approved the capital measures associated with CECONOMY's acquisition of Convergenta Invest GmbH's minority shareholding in MediaMarktSaturn by a large majority. Following the Extraordinary General Meeting, the preference shareholders of CECONOMY also approved the conversion of preference shares into ordinary shares, which was previously resolved by the Extraordinary General Meeting. CECONOMY now expects the transaction with Convergenta to be completed as early as the beginning of June. The conversion of preference shares into ordinary shares is expected to become effective already at the end of May.

With closing of the transaction, CECONOMY will become the sole shareholder of MediaMarktSaturn. In return, Convergenta will become an anchor shareholder of CECONOMY. "This is an important step for our company and we are pleased that it is now happening quickly," said Dr. Karsten Wildberger, CEO of CECONOMY and MediaMarktSaturn. "With the simplified shareholder structure, we are also setting the course for a successful future in organizational terms. We will be faster and more effective and can concentrate fully on the essentials - on our customers, on the business. The transaction is value-creating in every respect – for all stakeholders.”
The future shareholder structure will enable CECONOMY to reduce its administrative costs and also to utilize tax loss carryforwards. As a result, the transaction will already have a positive impact on net income from this year onwards. A further increase in tax synergies is expected for the years to come.

The conversion of preferred shares into ordinary shares will be effected by entering the corresponding amendment to the Articles of Association in the Commercial Register. This will be followed by the transfer of preferred shares into ordinary shares in accordance with securities law.



17.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: CECONOMY AG
Kaistr. 3
40221 Düsseldorf
Germany
Phone: +49 (0)211 5408-7222
Fax: +49 (0)211 5408-7005
E-mail:
Internet:
ISIN: DE0007257503, DE0007257537, Weitere: /de/investor-relations/
WKN: 725750, 725753, Weitere: /de/investor-relations/
Indices: SDAX
Listed: Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1353929

 
End of News DGAP News Service

1353929  17.05.2022 

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DGAP-News: CECONOMY AG: Closing of transaction with Convergenta expect...

DGAP-News: CECONOMY AG / Key word(s): Corporate Action/AGM/EGM CECONOMY AG: Closing of transaction with Convergenta expected for early June 2022 17.05.2022 / 08:40 The issuer is solely responsible for the content of this announcement. CECONOMY expects closing of transaction with Convergenta already at the beginning of June 2022 Resolutions of the Extraordinary General Meeting and the separate meeting of the holders of preference shares on 12 April 2022 are unchallengeable. CECONOMY will become sole shareholder of MediaMarktSaturn - Convergenta will in turn become ancho...

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