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The French luxury conglomerate said it has completed the sale of a 5.9% stake in the German sportswear brand.
Kering has announced the completion of the sale, following an accelerated book building process to qualified investors only, of approximately 5.9% of the share capital of Puma SE for a total amount of approximately €655.6 million, corresponding to a selling price of €74.50 per Puma share. Following this transaction, Kering will have a remaining stake of 9.8% of Puma’s share capital.
Kering and Artémis have entered into a lock-up agreement relating to the Puma shares, which is expected to end after a period of 90 calendar days from the settlement date of the shares, subject to certain exceptions or waiver by the joint global coordinators. Kering said the proceeds of this transaction are to be used for general corporate purposes and will further strengthen its financial structure.