The transaction is made through an asset deal and includes the majority of Heppo AB's assets, as well as the liabilities attributable thereto. Heppo AB is part of the Group's fashion segment and reported total net sales of approximately SEK 103 million and an operating result of approximately SEK -20 million in 2012. The purchase price is estimated to 42 million, half of which is received as a cash consideration at closing, and the remainder received as four instalments between September 2013 and June 2014. The transaction is expected to close on 18 April and affect second quarter earnings with approximately SEK -3 million.
Heppo AB’s is an online retailer of shoes and accessories founded by CDON Group in August 2010. Today Heppo operates the Nordic internet stores heppo.se, heppo.no, heppo.dk and heppo.fi.
Paul Fischbein, President and CEO of CDON Group commented: “Heppo was founded within the Group and quickly established itself as one of the largest online shoe-stores in the Nordic markets. In connection with the Group's strategic review, our assessment was however that Heppo would be stronger and better equipped to face the future together with another owner. For CDON Group the divestment increases the focus on the Group's major holdings, which is in line with the Group's strategy.”
