M&A

M&A

Spain's Pepe Jeans to sell entire 50% stake in India JV to Singapore's GOAT

Business Line  

Spanish brand Pepe Jeans has decided to exit its 50:50 joint venture Pepe Jeans Innerfashion in India, which it had formed with Dollar Industries in 2017. Dollar had been offered Pepe's entire stake in accordance with the clause dealing with Right of First Offer (ROFO) in the JV agreement. Dollar, in exercise of its rights, has renounced the ROFO and has agreed to the transfer of shares held by Pepe in the joint venture in favour of GOAT Brand Labs incorporated in Singapore, which will purchase the entire stake of Pepe Jeans Europe BV. GOAT will purchase 1,00,00,000 equity shares of the JV company from Pepe which constitutes 50% of the paid-up share capital. In addition, GOAT will subscribe 2% of additional non-voting equity on the existing and increased paid up capital.