06:36 AM EDT, 10/07/2024 (MT Newswires) -- MYT Netherlands Parent (MYTE) said Monday that it has entered into binding agreements to acquire 100% of the share capital of YOOX NET-A-PORTER, or YNAP, from Richemont in exchange for shares representing 33% of MYT's fully diluted share capital.

Richemont will provide a six-year revolving credit facility of 100 million euros ($109.6 million) to finance YNAP's general corporate needs, the company said. The transaction is expected to close in H1 2025.

MYT Netherlands Parent's shares were up 3% in recent Monday premarket activity.

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