Brief: Innovatec Buys 29.6% Of ESI For EUR 6.5 Mln To Build Photovoltaic Business Unit

ESI SpA

12/07/2022 06:23

July 12 (Reuters) - Innovatec SpA  INCI.MI :
    * SAID ON MONDAY IT HAD STARTED PHOTOVOLTAIC BUSINESS UNIT
THROUGH
ACQUISITION FROM INTEGRA OF 29.58% OF ESI, COMPANY SPECIALIZED
IN REALIZATION AND MAINTENANCE OF PHOTOVOLTAIC SYSTEMS, LISTED
ON EURONEXT GROWTH MILAN
    * AGREEMENT IS AIMED AT DEVELOPING AN INDUSTRIAL PARTNERSHIP
BETWEEN ESI AND INNOVATEC AIMED AT SIGNIFICANTLY EXPANDING ESI'S
ORDER PORTFOLIO
    * TOTAL CONSIDERATION OF EUR 6.5 MLN FOR PURCHASE OF A TOTAL
OF
2,066,745 ESI SHARE
    * OF TOTAL EUR 6.5 MLN, EUR 4.5 MLN TO BE PAID IN CASH,
WHILE
REMAINING EUR 2 MLN THROUGH INNOVATEC'S CAPITAL INCREASE
RESERVED FOR INTEGRA, AT A PRICE OF EUR 2.0/INNOVATEC SHR AND
FOR EUR 3.145/ESI SHR
    * CLOSING EXPECTED BY JULY 31

        
 Further company coverage:  INCI.MI  

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