Einhell Germany AG: Acquisition of shares in the Canadian company Outillages King Canada, Inc.
Einhell Germany AG / Key word(s): Takeover
Einhell Germany AG (ISIN: DE 0005654933) which is listed under Prime Standard of Deutsche Börse AG announces the following:
Einhell Germany AG (hereinafter: Einhell) signed definitive agreements on February 17, 2022 to acquire two-thirds of the shares in the Canadian private company, Outillages King Canada, Inc. (hereinafter: King Canada).
King Canada is an established distributor of power tools, industrial equipment and accessories to the Canadian market. The previously family-run company is based in Montreal, Quebec and employs 70 people. King Canada has been able to significantly increase its sales in recent years. The profitable company generates sales in excess CAD 60 million.
The principal shareholder of King Canada, Howard Richman, will retain a one-third ownership interest and will continue as President of King Canada and serve on King Canada's board of directors. Einhell, as the majority shareholder, and Howard Richman, as minority shareholder, will have mutual options to transfer the remaining share if specific conditions are met.
The transaction provides Einhell access to the Canadian market and King Canada's DIY and specialist retail customers. Einhell contributes its excellent know-how in the field of battery platforms to the corporation. With the Einhell Power X-Change platform in particular, King Canada has access to the most competent battery system in the DIY market.
The transaction is scheduled to be completed on March 1, 2022, upon satisfaction of the closing conditions.
Landau/Isar, 17 February 2022
The Board of Directors
|Company:||Einhell Germany AG|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1282577|
|End of Announcement||DGAP News Service|