SATS ASA: Divestment of nine clubs in Jylland and Fyn, Denmark
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.
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Finance and Investor Relations Manager, phone: +47 986 99 259
Malin Selander, Head of Communication & PR, phone: +46 70 426 40 06