Nobia has finalized the divestment of its UK operations to funds managed by Alteri Partners, a move that concentrates the company's efforts on its core Nordic markets. The sale includes all UK legal entities and brands such as Magnet, Gower, Commodore and CIE, with the transaction closing as announced by the company.
No purchase price is due at closing under the terms of the agreement. The buyer assumes the net assets and obligations related to the leased retail network, representing a gross liability of SEK 746 million ($81 million) under IFRS 16. Nobia will retain a defined benefit pension plan in the UK, recorded at a net asset value of SEK 80 million ($8.7 million), through a newly established holding company. A future consideration may be payable to Nobia based on the buyer's performance and successful turnaround of the UK operations.
Nobia develops, manufactures and sells kitchen solutions.
