Mytheresa Reaches Agreements With Richemont To Acquire YNAP - Quick Facts

(RTTNews) - MYT Netherlands Parent B.V. or Mytheresa (MYTE) and Richemont have entered into binding agreements for the acquisition of 100% of the share capital of YOOX NET-A-PORTER, or YNAP, by Mytheresa. Richemont will sell YNAP to Mytheresa with a cash position of 555 million euros and no financial debt, in exchange for shares to be issued by Mytheresa representing 33% of Mytheresa's fully diluted share capital at closing following issuance of the consideration shares. Richemont said it will make available a 6-year revolving credit facility of 100 million euros to finance YNAP's general corporate needs, including working capital.

YNAP is an online luxury and fashion retailer, with an offering including multi-brand in-season online stores NET-A-PORTER and MR PORTER, and multi-brand off-season online stores YOOX and THE OUTNET.

As a result of the deal, Richemont expects the write-down of YNAP net assets to amount to approximately 1.3 billion euros, which also accounts for the cash to be left in YNAP upon completion.