YNAPYellow Naped Amazon Parrot (Ochrocephala auropalliata)
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YNAP, will continue to operate as a separate business to ensure it remains a highly attractive platform for third-party luxury brands.
YNAP's shares would be delisted from the Milan exchange, according to terms of the deal.
Dubai's Alabbar Enterprises bought 4% stake in YNAP in 2016, with a plan to help expand the brand in the Middle East.
It will redefine the retail sector, and create a brand-new way to access the world's high-end brands brought by YNAP. A ground-breaking initiative, the JV will serve as go-to online destination for luxury retail and set new industry benchmarks in customer service, speed of delivery and diversity of choice."
According to both organisations, the JV further strengthens an existing relationship that was forged when Alabbar invested in YNAP through subscription for a EUR 100 million capital increase in April 2016.
"We are thrilled by the potential of the Middle East market: combining YNAP and Mohamed Alabbar's strengths, we look forward to giving shoppers in the region access to a fantastic luxury assortment with our unparalleled service and content.
4, second part, of the Italian Civil Code, through the issuance of 3,571,428 ordinary shares at a price of Euro 28.00 per share - a 5.7 per cent premium compared to YNAP's closing share price on 18 April 2016 - for a total cash consideration of Euro 100 million (share premium included).