Textron Inc (NYSE:TXT) has agreed to sell its retail business for €85m in cash to Aptos, a North American retail software company. The deal should close by the end of October. Management expects to pay an extraordinary dividend in H118; we would expect a proportion of the proceeds to be retained to support the growth of TXT Next and the newly created TXT Sense business.
TXT has agreed to sell its TXT Retail division to North American software company, Aptos, for cash of €85m (subject to working capital adjustments). The deal is expected to complete by the end of October. It does not need shareholder approval, but must meet various regulatory requirements including anti-trust approval in Germany and Austria as well as trade union consultation procedures.
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