LONDON (Alliance News) - Findel PLC on Friday said it has struck a deal to sell its Kleeneze home shopping business to Trillium Pond AG, a unit of US group CVSL Inc.
CVSL will pay a total of GBP3.6 million, with the majority to be paid in cash and the remainder to be paid in CVSL shares. Findel did not define how much would be paid in cash and how much in shares.
The proceeds from the deal, which Findel expects to complete before the end of March, will be used to reduce the company's debt.
"CVSL represents a natural home for Kleeneze. We believe that this transaction is in the best interests of both Findel and Kleeneze, allowing Kleeneze to benefit from the extensive expertise and support of CVSL whilst allowing Findel to focus its resources on growing its core businesses," said Findel Chief Executive Officer Roger Siddle.
Findel's other operations include its Express Gifts business, and its education business which sells merchandise like stationery, arts and crafts products and science goods to the education sector.
Shares in Findel were up 2.2% to 205.00 pence on Friday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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