Thursday, March 28

El Corte Inglés plans its jump to the parquet before 2028 after its pact with Mutua


Specific, the commitment of the group chaired by Marta Álvarez is to go public within six years since the signing of the pact in October 2021 to thus give its partner a window of liquidity, although the same sources have not ruled out that it may even be earlier.

According to the newspaper ‘Expansión’ on Monday, the commitment does not include an exact date or a specific roadmap, but it does include a penalty for El Corte Inglés within the agreement between the two companies in the event of not making the leap to the parquet in the designated deadline.

The distribution group has called an extraordinary general meeting of shareholders for next January 26 in order to give ‘green light’ at the entrance of Mutua in the shareholding of El Corte Inglés, as well as approving the reduction of the share capital through the redemption of shares and fixing the number of members of the board of directors.

At the end of October last year, El Corte Inglés and Grupo Mutua sealed the agreement to develop a major strategic alliance whereby the insurance company becomes the exclusive provider of insurance and investment funds marketed by the distribution group among its 15 million customers, and which includes the entry into the shareholding of the Spanish distribution giant with 8%, valued at 555 million euros.

Specifically, with this alliance, Grupo Mutua will acquire 50.01% of each of the two companies that carry out the insurance activity of El Corte Inglés, that is, SECI (Life and Accident Insurance) and CESS (Insurance Brokerage) for an amount of 550 million euros.

The Mutua Group supports the future project of the Spanish company with the entry into its shareholding with a participation of 8% of its capital, from treasury stock, for 555 million euros, which values ​​the Spanish distribution giant at around 6,940 million euros.

The insurer will be represented on the board of directors of El Corte Inglés by its president and CEO, Ignacio Garralda.



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