UK retailer WH Smith has sold its greeting card business, Funky Pigeon, to Card Factory. The businesses has an enterprise value of £26 million on a cash and debt-free basis and an equity value of £24 million. After transaction costs, the company expects to make £21 million in net cash, which “will be used to improve the Group’s net debt position.” The sale is subject to regulatory approval and is expected to be completed by the end of the year. “This Transaction is consistent with the Group’s strategic focus on travel retail,” a press release notes. “The Group is now a […]
