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Ontex Group NV has settled claims with Hypera S.A. regarding the acquisition of Hypera's Brazilian personal hygiene business. Under the agreement, Ontex will receive 500 million Brazilian Reais (approximately €81 million) by October 1, 2021. This settlement concludes arbitration initiated by Ontex and aims to reduce debt, aligning with the company's strategy to decrease leverage.
Positive
Settlement of 500 million Brazilian Reais will strengthen liquidity.
Ontex Group NV (Euronext Brussels: ONTEX) announced today 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 million1) 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.
Note 1: The amount of the settlement is denominated in Brazilian Reais. The € amount in this press release is computed at a EUR/BRL rate of 6.19.
About Ontex
Ontex is a leading international provider of personal hygiene solutions, with expertise in baby care, feminine care and adult care. Ontex’s innovative products are distributed in more than 110 countries through Ontex brands such as BBTips, BioBaby, Pompom, Bigfral, CanBebe, CanPed, iD and Serenity, as well as leading retailer brands. Employing some 10,000 passionate people all over the world, Ontex has a presence in 21 countries, with its headquarters in Aalst, Belgium. Ontex is listed on Euronext Brussels and is part of the Bel Mid®. To keep up with the latest news, visit www.ontex.com or follow us on LinkedIn, Facebook, Instagram and YouTube.
