09.16.21
Ontex Group NV announced that it has entered into an agreement with Hypera S.A. (“Hypera”, formerly Hypermarcas S.A.) settling certain claims relating to the acquisition of the Brazilian personal hygiene business of Hypera by Ontex. As part of the settlement, Ontex will receive 500 million Brazilian Reais (€81 million) from Hypera by October 1, 2021. Ontex acquired the Brazilian personal hygiene business from Hypera in March 2017 for an enterprise value of 1 billion Brazilian Reais.
Under this agreement, the arbitration proceedings that Ontex initiated in relation to those claims will be closed.
After deduction of certain arbitration-related costs, the remaining settlement amount will be used to pay down debt, consistent with the group’s ambition to reduce leverage.
Under this agreement, the arbitration proceedings that Ontex initiated in relation to those claims will be closed.
After deduction of certain arbitration-related costs, the remaining settlement amount will be used to pay down debt, consistent with the group’s ambition to reduce leverage.
