WH Smith sells funkypigeon to Card Factory for £26m

(Sharecast News) - WH Smith said it had sold its online greeting cards business, funkypigeon.com, to Card Factory for £26m as it continued its pivot towards travel retail.

Net cash proceeds, when adjusted for transaction costs, are anticipated to be £21m and will be used to improve the Group's net debt position.

"The group is now a pure play global travel retailer, well positioned to capture the substantial global growth opportunities in its key markets and drive enhanced shareholder value," the company said on Tuesday.

Completion of the Transaction is expected to occur before the end of the calendar year. WH Smith added that the group is trading in line with market expectations.

Reporting by Frank Prenesti for Sharecast.com