Sonae admits going forward with the retail company’s IPO

Sonae has just sold 24.99% of Sonae MC’s capital to a Luxembourg fund, but has not ruled out trying to find new investors on the stock exchange.

“The IPO hypothesis may still be explored in the future” for Sonae MC, says João Dolores, Sonae’s chief financial officer in an interview with Eco published this Wednesday following the sale of 25% of the subsidiary that adds the retail business of the holding to the Luxembourg private equity fund CVC. Announced last weekend, the sale of 24.99% of Sonae MC meant a cash inflow of 528 million euros for the company.

To Eco, João Dolores believes that, given a listing on the stock exchange, the advantage of this sale went through “a substantially higher valuation” and “the possibility of having a reference shareholder who will contribute with its know-how and experience”.

The October 2018 IPO, which did not happen due to the company’s failure to place the shares with institutional investors, valued the company between 1.4 and 1.65 billion euros, and aimed to sell between 21.7 billion % and 33% of the share capital of Sonae MC. The sale to CVC of 24.99% values ​​Sonae’s retail subsidiary at 2.1 billion euros.

Source: Expresso by

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