The agreed concept provides the sale of Real as a whole without reverse holdings for METRO at a company value of approximately 1 billion euros. Due to this commercial agreement METRO expects a net inflow of approximately 0.3 billion euros. Furthermore, METRO expects over 1.5 billion euros of net inflow after the sale of Real and the divestment of a majority stake of its Chinese business.
The transaction also provides that METRO’s service companies will continue to render services for Real during the transition period, however, these services will decrease over time. The resulting excess capacities at METRO’s service companies will be addressed with pro-active efficiency measures, which will result in sustainable savings. The measures will result in an estimated 0.2 billion euros of aggregate non-recurring costs in the business years 2019/20 and 2021/22.
A binding contractual conclusion (signing) has not been reached yet. The responsible committees on both sides have yet to approve the commercial agreement, in the case of METRO this means its chairman and board. The execution of this transaction is also still subject to the approval of anti-trust and regulatory authorities.
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