GRENKE AG

  • WKN: A161N3
  • ISIN: DE000A161N30
  • Land: Deutschland

Nachricht vom 23.05.2022 | 10:00

GRENKE AG: GRENKE signs purchase agreements for first franchise companies in the USA and Singapore

DGAP-News: GRENKE AG / Key word(s): Takeover
GRENKE AG: GRENKE signs purchase agreements for first franchise companies in the USA and Singapore
23.05.2022 / 10:00
The issuer is solely responsible for the content of this announcement.

GRENKE signs purchase agreements for first franchise companies in the USA and Singapore

Baden-Baden, May 23, 2022: GRENKE, a global financing partner for small and medium-sized enterprises, today announced it had signed agreements to purchase the franchise companies in the USA and Singapore. The sellers are the investment companies WGW Investment Inc. and Garuna Inc., and CTP Handels- und Beteiligungs GmbH and Garuna AG, which together held 58 percent in each franchise company. The remaining 42 percent in each franchise company are held by the local management.

The total purchase price agreed to for the acquired shares in both companies amounted to approximately EUR 300,000. With these purchases, GRENKE has taken over the first two of the 16 franchise companies up for sale. The corresponding agreements were signed by the contracting parties on May 20, 2022.

These purchase agreements do not affect GRENKE’s scope of consolidation under IFRS, as all franchise companies have already been included in the consolidated financial statements under IFRS. The payment of the purchase price will directly reduce GRENKE AG's equity. Now that the agreements have been signed, the transactions are expected to close during the remainder of the second quarter of 2022.

GRENKE CEO Michael Bücker in his comments, says: "We announced that we would acquire our franchise companies by the end of the year and have now started with the companies in the USA and Singapore. This is another milestone in our effort to provide the greatest degree of transparency possible with respect to our business model."

GRENKE CFO Dr Sebastian Hirsch in his comments, added: "It was absolutely the right decision to prepare thoroughly for this transaction and to close it at this time. This was the right place to start, particularly because the USA, as the largest leasing market in the world, is enormously important for our long-term growth ambitions. We are continuing to work on acquiring the remaining franchises in order to close this chapter before the end of the year."

For further information, please contact:

GRENKE AG
Team Investor Relations
Neuer Markt 2
76532 Baden-Baden
Phone: +49 7221 5007-204
Email: investor@grenke.de
Website: www.grenke.com
Press contact
Stefan Wichmann
Neuer Markt 2
76532 Baden-Baden
Mobile: +49 (0) 171 20 20 300
Email: presse@grenke.de
 

About GRENKE

The GRENKE Group (GRENKE) is a global financing partner for small and medium-sized companies. As a one-stop shop for customers, GRENKE’s products range from flexible small-ticket leasing and demand-driven bank products to convenient factoring. Fast and easy processing and personal contact with customers and partners are at the centre of GRENKE’s activities.

Founded in 1978 in Baden-Baden, the Consolidated Group operates in 33 countries and employs more than 1,800 staff (full-time equivalents) worldwide. GRENKE shares are listed on the Frankfurt Stock Exchange (ISIN DE000A161N30).



23.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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