Last checked at 12 Jun 2023 07:00
AO WORLD PLC AND FRASERS GROUP PLC ANNOUNCE STRATEGIC PARTNERSHIP
AO world Plc ("the Company" or "AO"), a leading online electricals retailer, announces that Frasers Group plc ("Frasers") has acquired an 18.9% strategic stake in AO with the purchase of 109,400,000 issued shares at a price of 68p totalling an investment of £75m. The investment is the culmination of productive talks over the last two years about establishing a strategic partnership.
Michael Murray, CEO of Frasers Group, said: "Frasers has long admired what John and the AO team have built, and we are delighted to have the opportunity to form a supportive, strategic partnership. AO is a fantastic business with a clear strategy which is leading the market in online-only electricals. Through this investment, Frasers will benefit from AO's valuable know-how in electricals and two-man delivery, helping us to drive growth in our bulk equipment and homeware ranges. In turn, AO will have the opportunity to benefit from Frasers' expertise and ecosystem."
John Roberts, Founder and CEO of AO, said: "This is great news for AO and a fantastic endorsement for our business. We are delighted to welcome Michael and the wider Frasers team into the AO family and look forward to realising the significant potential that we see for this partnership. As we continue to build on our strategy of pivoting to profitable growth, it will be hugely exciting to have a range of compelling strategic opportunities to explore together, and we're very much looking forward to working with Michael and his team."
Enquiries:
AO
Rob Greening / Nick Hayns, ao@powerscourt-group.com 020 7250 1446
Russell Craig, AO, russell.craig@ao.com
Frasers
FGPR@frasers.group
frasersgroup@brunswickgroup.com