Prima Industrie to go private after Femto takes majority stake
18/08/2022 10:34
MILAN, Aug 18 (Reuters) - Italy's Prima Industrie PRII.MI
said on Thursday that Femto Technologies had agreed to buy a
majority stake and eventually delist the laser systems producer
in a deal worth around 129 million euros ($131.21 million).
The transaction is just the latest in a string of deals that
has seen several companies deciding to leave Milan's bourse,
including luxury shoemaker Tod's TOD.MI , looking for more
flexibility to focus on growth without market
scrutiny. urn:newsml:reuters.com:*:nL8N2ZF10R
Femto Technologies, controlled by Alpha Private Equity and
Peninsula funds, had already submitted non-binding expressions
of interest to buy Prima Industrie at 25 euros per share last
month. urn:newsml:reuters.com:*:nFWN2YS46Y
After buying an initial 50.1% stake in the company, Femto is
set to launch a mandatory takeover bid on the remaining
shareholders at the same price.
Prima Industrie, which manufactures laser machines for the
processing of two- and three-dimensional components, said some
of the selling shareholders would reinvest in the company and
continue to be minority investors.
Closing of the deal is expected towards the end of the year.
By around 0910 GMT, the stock was up 10.1% at 24.5 euros,
nearing the 25 euros bid price and outperforming a 0.4% rise in
Milan's all-share index .FTITLMS .
($1 = 0.9832 euros)
(Reporting by Federico Maccioni, editing by Maria Pia Quaglia)
((Federico.maccioni@thomsonreuters.com; +39 3420768883;))