Westfield has revealed it set its start-up technology company OneMarket free with $160 million in cash and no debt, as its investors prepare to vote on its takeover by Unibail-Rodamco.
OneMarket will be spun out as part of the takeover. A 90 per cent stake in OneMarket will be handed to existing shareholders, with Unibail to hold the other 10 per cent.
The business, which will be chaired by Steven Lowy and led by Don Kingsborough as chief executive, also revealed that it has three main customers in Westfield, Unibail-Rodamco and US department store giant Nordstrom.
Westfield said in the OneMarket demerger document that it feels $160 million in cash “will be sufficient to meet its anticipated cash needs until late 2019” but als…
Read the full article at: http://www.afr.com/technology/westfield-to-spin-out-tech-startup-onemarket-with-no-debt-20180412-h0yoww
