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- Hachette Livre wished to dispose of its postcard and poster activity,
Hazan Images held by Editions Hazan
- A limited auction was organised where this activity was sold to La Carterie SAS
- La Carterie SAS is the exclusive distributor of Hallmark in France
- The sale was construed as a sale of assets as this activity was not a separate legal entity
- Main negotiation issues, other than the valuation, were related to the carve out itself
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