Competition authorities give green light: Zalando on the verge of acquiring About You

The Berlin-based online retailer Zalando SE is set to complete its acquisition of competitor About You Holding SE in a matter of days. The e-commerce specialist announced on Tuesday evening that the European Commission had granted "final regulatory approval" for the planned merger of the two companies. Zalando emphasised that "all closing conditions for the transaction have been met". The transaction is now scheduled to be completed on July 11.

Acquisition to be completed in a matter of days

Zalando reaffirmed that it had secured more than 90 percent of About You's share capital as part of its latest takeover offer. About You's existing shareholders who tendered their shares for sale will now receive 6.50 euros per share upon completion of the transaction, in accordance with the conditions published in January.

As previously announced, Zalando plans to acquire the remaining minority shares in About You through a squeeze-out procedure "in return for appropriate cash compensation". "The squeeze-out is to be carried out as part of a merger of About You into a wholly owned subsidiary of Zalando," the company explained.