JET has accepted a material haircut compared to the deal on the
table last year
** "While it probably would rather keep the stake, the
"corporate finance" benefits of the sale were obviously too big
to ignore. A clear positive for the equity today", the broker
says
** Credit Suisse notes the agreement is a positive for
Prosus, which acquires the stake on trough multiples, as well as
for JET given its current valuation and liquidity overhang
** "It sounds like panic selling because knew that is
was running out of cash by early 2024 with a higher cash-burn by
then and a EUR550m bonds deadline in late 2023-early 2024", says
Clement Genelot, analyst at Bryan Garnier