Automation Methods (Investindustrial) takes management of Piovan

Automation methods, an organization whose share capital is held not directly by Fund Investindustrial VIII, signed by Pentafin contract of sale, to buy 58.35% of Piovan’s share capitalequal to 61.17% of the online share capital of the two,474,475 monetary shares within the portfolio.

Il prezzo for every share purchased and offered equal to 14.00 euros, so the total consideration of gross sales equal to roughly 438 million euros. This quantity can be paid by the Purchaser to Pentafin at closing. The consideration implies a market capitalization of the issuer of 716 million and represents a premium of 13.4% in comparison with the official closing worth yesterday (the final day earlier than the publication), of 20.2% in comparison with the official weighted common worth for the 6 months previous to publication. date and 29.6% in comparison with the official weighted common worth for the 12 months previous to the announcement date. If a share distribution is set previous to the closing, the value of every share can be lowered accordingly by an equal quantity.

Pentafinewho’s presently the primary shareholder of Piovan, reinvest the collected assets within the purchaser’s capitaldiscover one participation equal to 25%.

After the closure, a compulsory takeover bid can be triggered on Piovan shares on the identical worth as 14 euros (with shares) for every motion, with the aim entry the listing of the Issuer from Euronext Star Milan. Therefore the soundness of social circumstances is predicted Nicola Piovan he’ll stay the Appearing President Filippo Zuppichin CEO.

There are automation methods signed a contract with 7-Industries Holding of shopping for and promoting to buy an extra 6.47% of Piovan’s share capitalresponding to it 6.78% of the capital Piovan share capital internet of monetary shares. Subsequently, at closing the client could have possession of a 64.82% in comparison with yesterday. of Piovan’s share capital, equal to 67.96% of Piovan’s share capital internet of Treasury Shares.

Andrew C. BonomiPresident of Investindustrial’s Enterprise Board, stated “The Piovan group represents the proper synthesis of Investindustrial’s most well-liked kind of investments: a household firm in a quickly altering strategic sector such because the sector of automation methods motion, the place the Piovan group represents its excellence on the planet and on which Investindustrial intends to focus, with its
particular give attention to natural and inorganic globalization and sustainability, points we have now all the time paid nice consideration to”.

Nicola PiovanPiovan’s Govt President, that he was “very pleased with the expansion path undertaken and the outcomes achieved by the Piovan group since its institution till immediately. of the main world gamers within the improvement and manufacturing of manufacturing course of automation methods I share imaginative and prescient, values ​​and a focus to sustainability”.