ASOS plc (GB:ASC) has released an update.
ASOS plc has announced a strategic joint venture with HEARTLAND, selling a 75% stake in Topshop and Topman for £135m to accelerate their Back to Fashion strategy and strengthen their balance sheet. The deal, which values the brands at £180m, grants ASOS design and distribution rights for a royalty fee, and is expected to complete in Q4 2024. Additionally, ASOS has launched a refinancing plan involving a new offering of £250m Convertible Bonds and a partial cash repurchase of existing bonds, with FY24 adjusted EBITDA anticipated to be at the high end of consensus estimates.
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