L Brands To Transfer Ownership And Operating Control Of La Senza To Regent

(RTTNews) - L Brands Inc. (LB) said that it agreed to transfer ownership and operating control of La Senza - inclusive of the home office organization, North American stores and e-commerce and international partnerships - to an affiliate of Regent LP, a global private equity firm.

The company noted that it will sell 100 percent of its assets in La Senza in exchange for the buyer's agreement to assume La Senza's operating liabilities and to provide L Brands potential future consideration upon the sale or other monetization of La Senza, as defined in the agreement. The company expects to complete the transaction and transfer ownership in January.

The company estimates that La Senza's 2018 revenues and operating loss will be about $250 million and $40 million or about $0.12 per share, respectively.