Reference is made to the stock exchange announcement “SATS ASA: Conditional
agreement for divestment of nine clubs in Denmark” on 6 March 2020 from SATS ASA
(“the Company”).
SATS has signed an agreement with Fitness 1 to divest nine clubs in Jylland and
Fyn, Denmark. The transaction is expected to be completed on 1 July 2020.
“The divestment is a planned strategic move initiated by SATS, in order to make
Denmark more efficient and profitable. It will further enable SATS to continue
on the journey of focusing on its strong capital clusters”, says Sondre Gravir,
CEO of SATS.
After the divestment, SATS retains 29 clubs in Denmark, all located in the
Copenhagen and the Northern Sealand area. The remaining club portfolio is fully
in line with the Company’s overall strategy of focusing on the clusters in the
Nordic capital cities. SATS has the past year brought the club portfolio in
Copenhagen up to the same level as the Oslo and Stockholm clusters, with major
upgrades at SATS Adelgade, SATS Field’s, SATS Valby, SATS Sydhavn and latest
SATS Vesterport (previous Royal) now opened as a new club. The Copenhagen area
will be further strengthened through the opening SATS Kanalvej in Q3. SATS’
ability to offer the widest product range is closely linked to its attractive
locations, which is leveraged through club specialization and complementary
programming, and resulting in an aggregator role in key clusters.
The affected clubs are as follows: SATS Nyborgvej, SATS Vogterhus, SATS
Svendborg, SATS Broen, SATS Strandbytorv, SATS Bispensgade, SATS Frisko, SATS
Risskov and SATS Viby. All SATS memberships connected to one of the clubs will
be transferred to Fitness 1 on 1 July, and all SATS employees working at these
clubs will have their employment transferred to Fitness 1 at the same date.
The Company will revert with more details about the financial effects of the
transaction on the Q2 presentation on 16 July.
Investor Relations:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Finance and Investor Relations Manager, phone: +47 986 99 259
Press:
Malin Selander, Head of Communication & PR, phone: +46 70 426 40 06
