AALST-EREMBODEGEM, Belgium--(BUSINESS WIRE)--Regulatory News:
Ontex Group NV (Euronext Brussels: ONTEX) announced today that Ontex has received 500 million Brazilian Reais (€81 million1) from Hypera S.A. (“Hypera”, formerly Hypermarcas S.A.) on October 1, 2021. This was foreseen when Ontex entered into an agreement with Hypera as announced on September 15, 2021, settling certain claims relating to Ontex’s acquisition of the Brazilian personal hygiene business from Hypera in March 2017 for an enterprise value of 1 billion Brazilian Reais.
After deduction of c.€7 million arbitration-related costs, the balance of the settlement amount will be used to pay down debt, consistent with the Group’s ambition to reduce leverage.
Note 1: The amount of the settlement is denominated in Brazilian Reais. The € amount in this press release is computed at a EUR/BRL rate of 6.19.
Ontex is a leading international provider of personal hygiene solutions, with expertise in baby care, feminine care and adult care. Ontex’s innovative products are distributed in more than 110 countries through Ontex brands such as BBTips, BioBaby, Pompom, Bigfral, CanBebe, CanPed, iD and Serenity, as well as leading retailer brands. Employing some 10,000 passionate people all over the world, Ontex has a presence in 21 countries, with its headquarters in Aalst, Belgium. Ontex is listed on Euronext Brussels and is part of the Bel Mid®. To keep up with the latest news, visit www.ontex.com or follow us on LinkedIn, Facebook, Instagram and YouTube.