Mutares Nears Stuart Divestment, but Price Tag Stays Under Wraps
Published on 10/28/2026 at 23:30 | Editorial boerse-global.de
Mutares has received an irrevocable offer from Quiver to acquire SRT Group SAS and its subsidiaries, the company announced on Monday. The business, which operates under the Stuart name, is expected to change hands in the fourth quarter of 2026, subject to information of employee representatives. According to Mutares, Stuart generates roughly EUR 50 million in revenue.
The bid marks a concrete step in the group's push to scale back its retail exposure, though it stops well short of a completed deal. Mutares disclosed no purchase price, meaning the revenue figure describes the size of Stuart's business — not the proceeds or any disposal gain the transaction might generate. Investors drawing conclusions about the earnings impact from the top line alone would be on shaky ground.
A Second Exit Running on a Separate Track
Just over a week earlier, Mutares agreed the key terms for the sale of Polish drugstore chain Natura to Grupa Specja?. Signing of the purchase agreement and closing are both targeted for the fourth quarter of 2026, conditional on clearance from Poland's competition authority UOKiK and other customary conditions.
The two projects should not be lumped together into a single package. They sit at different procedural stages, and a delay to one would not automatically imperil the other — even if it would cast doubt on the pace of the broader portfolio overhaul. Should both close on schedule, that would say more about Mutares' execution than any number of further announcements.
Should investors sell immediately? Or is it worth buying Mutares?
Nord Gas Supplies the Headline Number
Elsewhere in the portfolio, subsidiary Nord Gas Solutions reported a record order backlog of EUR 880 million about two weeks ago. The company expects revenue above EUR 575 million for 2026, with adjusted EBITDA seen at around EUR 50 million. Mutares is reviewing strategic exit options for the holding, including a possible listing in the Nordic countries.
That hidden value argument appears to have caught the attention of MĂĽnchmeyer Petersen Capital Markets, which according to media reports raised its price target to EUR 45 from EUR 41 about a week ago and reiterated its buy recommendation. The research house justified the move by arguing that Nord Gas Solutions' worth is not reflected in Mutares' share price.
What November 12 Will — and Won't — Settle
The next fixed date on the calendar is Mutares' third-quarter 2026 report, scheduled for November 12, 2026, according to the company's financial calendar. Whether the group offers more detail on the status of its divestment projects will be the point of interest; no such update has been announced or guaranteed.
Mutares at a turning point? This analysis reveals what investors need to know now.
Until then, the central trade-off for investors is this: the Quiver offer supports the case for further portfolio reshaping, but it is the terms and the closing — not Stuart's revenue — that will determine whether a convincing financial success follows. Treating a plausible strategic decision as an attractive financial outcome would be premature, and the expected completion remains just that: an expectation.
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