Kering announces the launch of the sell-down of approximately 8.8 million shares that it owns in Puma SE (“Puma”), representing approximately 5.9% of the share capital of Puma (the “Shares”), through a placement to qualified investors only, as defined in Article 2 point (e) of Regulation (EU) 2017/1129, by way of an accelerated bookbuilding process (the “Placement”).
Following the Placement, Kering is expected to retain approximately 9.8% of Puma’s outstanding shares. As a result of the Placement, Puma’s free float is expected to be increased to approximately 61.7%.
The proceeds of this transaction will be used for the general corporate purposes of Kering and will further strengthen its financial structure.
Kering and Artémis have entered into a lock-up agreement relating to the Puma’s shares, which lock-up 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 will announce the results of the Placement after the close of the bookbuilding process.