Italian furniture group Poltronesofà is to buy sofa and flooring retailer ScS as it enters the UK for the first time, a deal that sent shares in the chain up more than 60 per cent in early London trading.
Under the deal, which gives ScS an equity value of £99.4mn, Poltronesofà will pay 280p per share representing a 66 per cent premium to ScS’s closing price on Monday. Of this 270p will be paid in cash with the remainder paid as a final dividend for the year ending July 2023.
The Italian group, which is making the acquisition from cash reserves, said that the deal comes after the company “decided to continue its geographic growth”.
Read the full story on the Financial Times here.