France-based furniture and electrical goods retailer BUT S.A.S. has announced the completion of the acquisition of the BUT Group by Mobilux Acquisition S.A.S., which itself is held by Mobilux 2 S.A.S., a company ultimately owned by an investment consortium comprising investment fund Clayton, Dubilier&Rice (CD&R) and WM Holding. In connection with the closing of the acquisition, BUT has also completed the issue of €380 million of senior secured notes to refinance its previous debt structure. As a result, we are assigning our 'B' long-term corporate credit and issue ratings to the Mobilux entities and withdrawing our existing ratings on BUT S.A.S. The stable outlook reflects our expectation that BUT's operating performance will continue to improve, supported by positive
