Brief: Dovalue To Acquire Gardant And Consolidate Its Leadership In The Italian Credit Management Sector

doValue

07/06/2024 03:31

June 6 (Reuters) - Dovalue  DOVA.MI :
    * DOVALUE - DOVALUE TO ACQUIRE GARDANT AND CONSOLIDATE ITS
LEADERSHIP IN THE ITALIAN CREDIT MANAGEMENT SECTOR  DOVA.MI  
    * DOVALUE SPA  - AGREEMENT FOR ACQUISITION OF 100%
SHAREHOLDING IN
GARDANT1 ( "ACQUISITION") FOR A EUR 230 MILLION CASH
CONSIDERATION
    * FINANCING PACKAGE AGREED FOR ACQUISITION INCLUDES A NEW
BANK
FINANCING PACKAGE OF C. EUR 500 MILLION
    * DOVALUE SPA  - ISSUANCE OF NEW SHARES ISSUED AT A PREMIUM
TO
CURRENT STOCK PRICE, RESULTING IN A 20% STAKE IN DOVALUE
    * INDUSTRIAL SYNERGIES OF UP TO EUR 15 MILLION PER YEAR
LEADING TO
MEDIUM-TERM CASH EPS ACCRETION
    * DOVALUE SPA - FINANCIAL NET LEVERAGE EXPECTED AT 2.0X IN
2025E
    * DOVALUE STAND-ALONE FINANCIAL TARGETS FOR 2024-2026 REMAIN
CONFIRMED
    * ACQUISITION IS EXPECTED TO BE CASH EPS ACCRETIVE IN
MEDIUM-TERM
    * DOVALUE SPA - DOVALUE WILL PROVIDE ENHANCED DIVIDEND
POLICY UPON
COMPLETION OF ACQUISITION , AND WILL NOT DISTRIBUTE DIVIDENDS IN
2025
    * DOVALUE SPA- COMBINED GROUP EXPECTED TO GENERATE
CONSOLIDATED
2026 REVENUES IN RANGE OF EUR 605 MILLION TO EUR 625 MILLION
    * UPON COMPLETION OF ACQUISITION, AS LONG-TERM ANCHOR
SHAREHOLDER,
ELLIOTT WILL HAVE TWO REPRESENTATIVES IN DOVALUE'S BOARD
    * MANAGEMENT TEAM OF COMBINED GROUP WILL ALSO INCLUDE
REPRESENTATIVES FROM GARDANT CURRENT EXECUTIVES
    * DOVALUE SPA - COMBINED GROUP EXPECTS TO DELIVER PRE-TAX
SYNERGIES OF UP TO EUR 15 MILLION PER ANNUM (WITH EXPECTED
RESTRUCTURING COSTS OF C.EUR 15 MILLION

Source text for Eikon:  ID:nBIA1gYD2Q 
Further company coverage:  DOVA.MI 

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