Mobly shares soar at B3 with the merger of its most important shareholder
Since going public in April 2021 and raising BRL 812 million, Mobly, a platform for selling furniture and home furnishings, has been facing a series of challenges and has seen its share price slide in the capital markets.
However, this Thursday, an agreement involving the company’s main shareholder caused its shares to hit a sharp rise in B3. The impetus was given by the news of the merger of the German home24, which owns 51.14% of Mobly, with the Austrian group XXXLutz.
With the disclosure of the transaction, Mobly shares were trading at R$3.97 around 1 pm on the Brazilian stock exchange, up 28.06%. Minutes earlier, the index surpassed the 30% range. In the year, the company’s shares, valued at R$ 392.7 million, accumulated a devaluation of more than 18%.
In a statement, home24 said the deal involves a takeover offer by XXXLutz at the price of €7.50 per share. The value is equivalent to a premium of 124% over the share price on Tuesday, October 4th. The agreement also provides for an increase of up to 10% in the capital of the operation, with the same price for the share.
“The acquisition is intended to provide strategic, sustainable and long-term financial support for home24’s growth strategy, further strengthening and helping to expand the company’s market position as an online commerce destination,” the company said. in the note.
Under the terms of the agreement, home24 will continue to operate independently – as well as its portfolio of brands, and under the command of its current management team. The company’s headquarters will also remain in Berlin.
“The fact that we were able to attract a strong and strategically oriented investor to home24 in times of global political tensions and depressed consumer sentiment is a vote of confidence in our business model,” said Marc Appelhoff, CEO of home24.
home24 has been a Mobly partner since 2017, when the two companies announced a merger. A year later, home24 went public on the Frankfurt Stock Exchange, when it raised €170 million and was valued at €800 million.
The company’s shares, currently valued at €226.5 million, closed Thursday’s trading session up 3.05 and quoted at €7.43.