Allegro has the consent of the antimonopoly office in Ukraine to take over Mall Group and WE | DO

by   CIJ News iDesk III
2022-01-14   08:37

The Antimonopoly Committee of Ukraine, as the anti-monopoly authority in Ukraine, has authorized the transaction of the acquisition of Mall Group and WE | DO by Allegro, the company said. Thus, another condition precedent, which is a condition for closing the transaction, has been fulfilled.

According to the company, four conditions precedent stipulated in the SPA agreement have been met. At the same time, the two remaining conditions precedent regarding the approvals of the relevant antitrust authorities remain unfulfilled.

At the beginning of November, Allegro announced that it would take over 100% of the shares in Mall Group and WE | DO CZ from the selling shareholders PPF, EC Investments and Rockaway Capital, for a total amount of EUR 881 million, based on a company's valuation of EUR 925 million adjusted for debt and debt items of € 44 million. The price may be increased by no more than € 50 million based on the achievement of certain short-term goals.

The closing of the transaction is subject to standard antitrust and regulatory approval processes. It is expected to be finalized by the end of the first half of 2022.

Allegro is the number 1 trading platform in Poland. Sales are mainly carried out by companies via the e-commerce platform The value of products sold (GMV) on the group's platform accounted for approx. 3% of the retail market in Poland in 2019. The platform enables the sale of new products primarily to companies operating in the business-customer formula and attracts an average of 21 million internet users per month, which corresponds to 66% of Polish residents aged 16 or more and 78% of all internet users in Poland. From October 2016, Allegro belongs to the funds of Cinven, Permira and Mid Europa. The company made its debut on the WSE in October 2020.

Source: Allegro and ISBnews