Business
Nasty Gal Acquisition Update
Nasty Gal Acquisition Update.
About this update from Boohoo Group Plc
[{"type":"text","content":"\n \nRNS Number : 0506W boohoo.com plc 06 February 2017 \n\n\n\n\n\nFor immediate release\n\n\n 6 February 2017\n\n\n\n\n \nNasty Gal Acquisition Update\nboohoo.com plc\n \nboohoo.com plc (\"boohoo\" or \"the Group\") announced on 28 December 2016 that it had entered into an asset purchase agreement (\"the transaction\") to acquire certain intellectual property assets and customer databases from retailer Nasty Gal Inc. (\"Nasty Gal\") for US$20 million. \n \nAs previously announced, the transaction has been governed by a US Bankruptcy Court approved bidding process. Pursuant to this process, boohoo has been notified by Nasty Gal's counsel that no acceptable, qualifying bids have been received for the intellectual property assets and customer databases and, therefore no auction will take place. \n \nSubject to final approval by the US Bankruptcy Court expected on or after 8 February 2017, boohoo expects to acquire the intellectual property assets and customer databases from Nasty Gal for US$20 million. The Group will provide a further update on the transaction on or after this date. If approved, the transaction is expected to complete on 28 February 2017.\n \nThe transaction will be financed through a combination of boohoo's existing cash resources and a new bank debt facility of up to US$20 million.\n \nEnquiries\n\n\n\n\nboohoo.com plc\nNeil Catto, Chief Financial Officer\nClara Melia, Investor Relations\n\n\n \nTel: +44 (0)161 233 2050\nTel: +44 (0)7748 171236\n \n\n\n\n\nZeus Capital - Nomin...