LA PLAINE SAINT-DENIS, France, July 3, 2017 /PRNewswire/ --

Today, Showroomprivé, one of the leading European digital commerce companies and an event-driven fashion and household goods online specialist, announced that the Conforama Group, a Steinhoff subsidiary, had finalized its 17% strategic stake in the capital of Showroomprivé which had been disclosed on 12 May 2017. [1]

This operation was performed via an off-market transfer of shares by Showroomprivé's founders at a unit price of 27 euros, for a total amount of 157.5 million euros. The founders retain a share of 27.17% of Showroomprivé's capital and 40.66% of its voting rights[2].

The already-existing concert between the founders entered into a shareholders' agreement with Conforama / Steinhoff establishing a second concert party owning 44.15% of the capital and 54.47% of the voting rights of Showroomprivé [3]. This operation was granted an exemption from the obligation to file a takeover bid by AMF to the purchaser[4].

The Conforama Group will be represented on the Board of Directors of SRP Groupe, Showroomprivé's head company, by Conforama's CEO, Alexandre Nodale, who will be a member of the Board, as well as Andrew Bond, CEO of Pepkor Europe, a Steinhoff subsidiary, who will be censor of the Board of Directors, in compliance with the decision of the general meeting of shareholders of SRP Groupe taken on 26 June 2017. 

As announced on 12 May 2017, Showroomprivé and Conforama will conclude a trade agreement in order to maximize the complementarity of their key strengths: Conforama's extensive physical network and Showroomprivé's digital presence, as well as mobile-centric distribution platform, in order to enhance both retailers' omnichannel offer.

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[1] See press release of 12 May 2017

[2] Based on share capital of 34,341,582 shares representing 42,239,481 voting rights (taking into account the impact of the transactions carried out today on the number of voting rights held as of 30 June) according to Article 223-11 of the General Regulation.

[3] idem

[4] See decision AMF 217C1167 of 7 june 2017 for a description of the key terms of the shareholders' pact relating to governance, concertation and transfer of securities

This is a disclosure announcement from PR Newswire.

SOURCE showroomprive.com