PRADA(01913) 智通财经网·2025-04-14 02:45Core Viewpoint - Goldman Sachs reported that Prada announced the acquisition of Versace, with the deal expected to be completed in the second half of 2025, pending regulatory approvals [1][2] Group 1: Acquisition Details - Prada will acquire 100% of Versace from Capri Holdings for an enterprise value of €1.25 billion, which may be adjusted upon completion of the transaction [1] - The acquisition price corresponds to an enterprise value-to-sales ratio of 1.7x based on a projected enterprise value of 810 million for the fiscal year ending March 2025 [1] - To finance the acquisition, Prada plans to raise €1.5 billion in new debt, including €1 billion in term loans and €500 million in bridge loans [1] Group 2: Financial Projections - For the fiscal year ending March 2025, Versace is expected to achieve sales of €810 million, with an estimated EBIT margin projected to be negative [2] - Versace is anticipated to contribute 13% to Prada's total revenue in the fiscal year 2024, with Prada's overall EBIT margin expected to decline from 23.6% to approximately 20% [2] - The acquisition aims to leverage Versace's brand potential and distinctive aesthetic, with expectations of further development through scale efficiencies within 24 to 48 months [2]