This planned disposal values Lagardère Sports at approximately €110 million, and the Lagardère Sports and Entertainment division as a whole at around €150 million. This valuation does not include the future value creation potential of the Group’s residual 25% interest in Lagardère Sports, or any potential gains from the Confederation of African Football (CAF) agreement.
The Group anticipates recognising a write-down estimated at between €210 million and €240 million, notably deriving from the unilateral cancellation of the CAF agreement.
The planned disposal will be submitted to the relevant employee representative bodies and is subject to clearance from the competition authorities. The transaction is targeted to close before the end of the first quarter of 2020.
This disposal will enable Lagardère Sports to implement its strategic plan under the auspices of its new shareholder.
This disposal will see Lagardère take a decisive step in its strategy, by concentrating all efforts and resources on developing Lagardère Publishing and Lagardère Travel Retail.
Until recently, the Lagardère group was structured into four business divisions: Lagardère Publishing, Lagardère Travel Retail, Lagardère Sports and Entertainment and Lagardère Active.
In 2018, the Group launched its strategic refocusing around two priority divisions: Lagardère Publishing and Lagardère Travel Retail.