(CercleFinance.com) – Ontex Group announces that it has reached a firm agreement to sell its Algerian activities to Hygianis SPA, its local distribution subsidiary for more than 20 years.
The transaction concerns Ontex’s activities in Algeria and related exports to certain neighboring countries.
Ontex specifies that its activities in Algeria generated some 50 million euros of turnover in 2022 and that they are part of Ontex’s emerging markets activities, which have been classified as discontinued operations following the strategic decision of 2021 to sell them.
Ontex aims to close the transaction, which is subject to customary conditions, by the end of September 2023.
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