FTI Consulting Sells Harvey Nichols to Frasers Group
FCN is trading near its 52-week low of $137.65 (10% above the low).
Summary
FTI Consulting has sold Harvey Nichols to Frasers Group. The acquisition includes Harvey Nichols' portfolio of six stores. Frasers Group will be required to restructure Harvey Nichols into the Frasers ecosystem. The deal divests a non-core retail asset, likely generating cash that can support FTI Consulting's aggressive buyback program and reduce debt, which surged to $1.02B after recent revolver upsizing. This follows the board's $370M buyback authorization in June and the $600M revolver increase in July. Terms were not disclosed.
At the time of this announcement, FCN was trading at $151.50 on NYSE in the Trade & Services sector, with a market capitalization of approximately $4.2B. The 52-week trading range was $137.65 to $189.30. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.