MQ completes acquisition of retail-clothing company Joy
MQ Holding AB has today completed the acquisition of the retail-clothing company Joy, which was announced on 17 March 2016. All of the terms and conditions associated with the transaction have been met and the acquisition has been completed. Accordingly, Joy AB has now joined the MQ Group.
“We are pleased to announce the completion of the acquisition and that Joy is now a part of MQ. With its 55 stores and online sales in Sweden, Joy adds an established retail chain brand for ladies fashion to the MQ Group. Joy caters to midlife women and thereby adds a new, interesting and affluent customer group with a keen interest in fashion to the MQ Group. Women in the 50+ age group account for more than half of the Swedish womenswear market and are today the market’s fastest growing customer group,” says Christina Ståhl, CEO of MQ.
The purchase price amounted to SEK 38.5 million. The entire purchase price was paid in full on completion of the acquisition and was financed through the expansion of MQ’s existing borrowings. The transaction has received approval from the Swedish Competition Authority and consents for the change in ownership have been received from the counterparties of significant agreements.
MQ has published this information in accordance with the Securities Market Act (2007:258). The information was submitted for publication on 2 May 2016 at 11:30 (CET).
For further information, please contact:
Christina Ståhl, President and CEO: Tel: +46 31 388 80 10
Tony Siberg, Deputy CEO and CFO: Tel: +46 31 388 84 01
MQ is Sweden’s largest retailer of fashion brands. Through a select mix of proprietary and external brands, MQ offers men’s and women’s clothes with a high fashion content in attractive stores. The store chain currently comprises 122 stores and the aim is to establish MQ as the leading retailer of fashion brands in the Nordic region. The MQ share has been listed on Nasdaq Stockholm since 18 June 2010. For more information, please visit our website at www.mq.se.