GUS has announced details of the demerger, which also include the hiving off of the Argos Retail Group. As part of the deal, Experian will take on around half of GUS' net debt of 拢2bn.
Other details include new investors being offered a maximum of 5% of available shares in Experian, which will become independently listed on the London Stock Exchange, classified in the support services sector and report in US dollars, as the majority of its profit comes from the US.
The announcement follows the retail network's demerger of luxury goods brand Burberry and a recent 9% slump in profits to 拢829m for the year ending March. However, profits from continuing operations are up 7% at 拢745m.
The demerged will mean that GUS will disappear as a brand after around 70 years in business.
Experian and Argos are expected to keep their existing management teams following the demerger.
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