ECONOMY AND MARKET |
|||
|
Automation Systems Acquires Majority Stake in Piovan
Automation Systems , an independently managed company whose share capital is indirectly owned by Investindustrial , has announced the signing of a sale and purchase agreement with Pentafin . This agreement involves the purchase of 58.35 % of Piovan ’ s share capital , excluding 2,474,475 Treasury Shares , amounting to 61.17 % of the total share capital . Investindustrial focuses its investment strategy on European midmarket companies . It operates in four main sectors : industrial manufacturing , consumer , healthcare , and services . The Fund aims to accelerate the globalisation of its portfolio companies by providing industrial solutions and capital in partnership with successful entrepreneurs and management teams . The sale and purchase agreement
|
stipulates that the purchaser will acquire 31,275,541 ordinary shares of Piovan from Pentafin at a price of € 14.00 per share , totalling approximately € 438 million . This price represents a 13.4 % premium over Piovan ’ s official share price as of July 18 , 2024 , a 20.2 % premium over the six-month average , and a 29.6 % premium over the twelve-month average share price preceding the announcement . Should a dividend distribution be approved before the closing , the share price will be adjusted accordingly . The closing of the sale and purchase is contingent upon obtaining required authorizations from antitrust authorities and for foreign investments by mid-October 2024 , with the transaction expected to finalize shortly thereafter . Additionally , an investment agreement has been signed between Automation Systems Collective , indirectly owned by Fund VIII , and Pentafin . This agreement outlines Pentafin ’ s re-investment in the purchaser |
, giving it a 25 % shareholding upon closing . A shareholders ’ agreement will also be established , ensuring the continued leadership of Nicola Piovan as Executive Chairman and Filippo Zuppichin as CEO of Piovan . Following the closing , the purchaser will launch a mandatory tender offer for the remaining Piovan shares at € 14.00 per share , aiming to delist Piovan from Euronext Star Milan . Furthermore , the purchaser has entered into a separate agreement with 7-Industries Holding to acquire 3,467,698 ordinary shares of Piovan at the same price per share , amounting to approximately € 49 million . This transaction is also expected to complete following the primary closing with Pentafin . Andrea C . Bonomi , Chairman of the Industrial Board of Investindustrial , expressed enthusiasm for the investment , emphasizing the potential for global expansion and sustainability within the Piovan group . Nicola Piovan , Executive Chairman of Piovan , echoed this sentiment , highlighting |
the shared vision and values with Investindustrial and the benefits for all stakeholders . This acquisition represents a significant step for Piovan , reinforcing its position as a global leader in automation systems for manufacturing processes .
Andrea C . Bonomi , Chairman of the Industrial Board of Investindustrial
|