XXXLutz takes over Home24

The furniture group announced the takeover in October. Now it has secured more than 92 percent of the shares.

The XXXLutz furniture group has secured around 92.67 percent of Home24's current share capital. It offered shareholders EUR 7.50 per share. The offer was thus a good 124 percent higher than the closing price of the share on the day before the offer was announced, as the Manager Magazine reported. However, the issue price in June 2018 was still 28.50 euros.

The companies are now waiting for antitrust approvals, after which the furniture giant XXXLutz will take over the online retailer almost completely. The Home24 share will then be delisted from the stock exchange. Founded in 2009, the Home & Living e-commerce platform offers more than 250,000 products ranging from furniture to mattresses on seven European markets and in Brazil. The lifestyle brand Butlers with over 100 stores in the DACH region is also part of Home24.

Home24 CEO Marc Appelhoff apparently supports the takeover. He told the German Press Agency in October that XXXLutz, as a new investor, would provide the start-up with more robustness in view of the consumer slump. According to its own figures, the furniture giant is now one of the three largest furniture retailers in the world with an annual turnover of 5.34 billion euros.