Brief: Emak unit signs binding contract for purchase of 83.1 pct of Lavorwash Group

Emak SpA

10/05/2017 12:55

May 10 (Reuters) - EMAK SPA  EM.MI  
    * SAYS THAT IT WAS SIGNED, BY THE SUBSIDIARY COMET S.P.A., A 
BINDING CONTRACT FOR THE ACQUISITION OF 83.1% OF THE LAVORWASH 
GROUP 
    * EVALUATED 100% OF LAVORWASH GROUP TO AN ENTERPRISE VALUE 
OF EUR 55.0 MILLION, EXCLUDING NORMALIZED NET FINANCIAL POSITION 
    * THE DEAL WILL BE FULLY FUNDED THROUGH THE USE OF LIQUID 
ASSETS CURRENTLY AVAILABLE TO THE GROUP AND NEW MEDIUM TO 
LONG-TERM BANK DEBT FINALIZED TO THE ACQUISITION 
    * A FURTHER 14.7% STAKE HELD BY ZENITH S.P.A. AND MIGLIARI 
FAMILY IS REGULATED BY A PUT AND CALL OPTION AGREEMENT TO BE 
EXERCISED IN 2020 
 
Source text: http://reut.rs/2pjuvGx 
Further company coverage:  EM.MI  
 
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