XXXLutz to Purchase E-Commerce Platform home24
XXXLutz KG of Austria has begun talks to acquire the leading European e-commerce platform home24 SE, to provide "long-term, strategic, and sustainable financial support" for home24's growth strategy.
According to XXXLutz, home24 will continue to be operated independently by the current management team - management board members Philipp Steinhäuser, Brigitte Wittekind, and Marc Appelhoff's contracts have already been extended. The headquarters of the company will remain in Berlin.
The home24 Group's existing corporate structure and main locations, as well as core brands such as home24 and Butlers, will be retained as independent brands.
home24 CEO Marc Appelhoff said:
"We are delighted to continue our journey to become the leading online destination for home and living together with XXXLutz as a strong partner. For us as a management team, it was particularly important that XXXLutz shares and actively supports the vision of home24, assists us in its implementation, and sees us continuing to operate as an independent company.
"We are convinced that together with XXXLutz we will significantly increase our robustness and punch in the furniture market. The fact that we were able to attract a strong, strategically oriented investor for home24 in times of global political tensions and depressed consumer sentiment is a vote of confidence in our business model. We are convinced that we have found a very good path for our employees as well as for shareholders and other stakeholders."
XXXLutz has already secured almost 60% of home24's future share capital. The offer is subject to the usual merger control clearances.
Lastly, the agreement specifies that XXXLutz will not enter into a domination or profit-and-loss transfer agreement with the company for three years after completion. XXXLutz aims to delist the home24 share after the execution of the offer.
Source: Furniture News
