26/01/2022 – Closing conditions for sale of Business Group Industrial Solutions fully met
Sale to BizLink completed
The sale of significant parts of the industrial business of Leoni AG, bundled in the Business Group Industrial Solutions, to BizLink Holding Inc. is completed.
All closing conditions, which were still subject to the agreement in principle signed on October 1, 2021, were met. The Business Group Industrial Solutions was part of the Wire and Cable Solutions Division (WCS). The sold activities generated sales of approximately Euro 430 million in fiscal year 2020 and are valued with an enterprise value of around Euro 450 million. The cash inflow of more than Euro 300 million after deductions of, among other things, financial liabilities and pension charges resulting from the closing will be used to improve liquidity.
The completed transaction will thus contribute to significantly improving Leoni’s financial position. With the closing of the sale, a profit of around Euro 200 million will be accounted for in the Group's reported EBIT. The sale includes around 20 international locations of the Leoni Industrial Solutions business in ten countries with around 3,000 employees.