Italy's Sogefi to sell filtration unit for over $400 mln to PE firm

Sogefi SpA

23/02/2024 19:21

Feb 23 (Reuters) - Italy's Sogefi  SGFI.MI  said on
Friday it has entered into an agreement to sell its filtration
business unit for an enterprise value of 374 million euros
($404.93 million) to U.S. private equity fund Pacific Avenue
Capital Partners.
    The Milan-based firm, which develops and produces air and
cooling systems, suspension components as well as filtration
systems, said that following the closing of the transaction, the
filtration unit will operate under the name Purflux Group.
    The sale is subject to obtaining clearance from antitrust
authorities. The closing of the sale is expected to occur within
six months of the deal announcement.
    Sogefi further added that at least 50% of the proceeds from
the sale, estimated to be around 330 million euros, will be used
to reduce the company's debt, which stands at 266.1 million euro
as of Dec. 31, 2023. 
    Sogefi also reported its full-year earnings on Friday, with
revenues of 1.6 billion euros, compared to 1.5 billion euros in
2022, and a proposed dividend of 0.2 euro per share.
    
    

($1 = 0.9236 euros)

 (Reporting by Rishabh Jaiswal in Bengaluru; Editing by Shailesh
Kuber)
 ((rishabh.jaiswal@thomsonreuters.com;))