Brief: Somec To Acquire Majority Stake Of GICO

Somec SpA

02/07/2020 17:21

July 2 (Reuters) - Somec SpA  SOME.MI :
    * SIGNS DEAL TO BUY GICO (GRANDI IMPIANTI CUCINE)
    * BASED ON AGREEMENTS REACHED, SHAREHOLDERS VALERIA ONGARO
AND
MARIA LUISA ONGARO WILL SELL 60% OF SHARE CAPITAL OF GICO TO
SOMEC
    * PAYMENT FOR SALE OF 60% OF SHARES GICO WILL TAKE PLACE AT
CLOSING FOR € 400,000 WITH SIMULTANEOUS PAYMENT OF € 200,000 TO
ESCROW ACCOUNT
    * AFTER CLOSING, SOMEC TO SUBSCRIBE CAPITAL INCREASE FOR EUR
1.2
MILLION
    * FOLLOWING CAPITAL INCREASE SUBSCRIPTION SOMEC WILL HOLD
80% OF
GICO
    * PRELIM. AGREEMENT ALSO PROVIDES FOR SOMEC'S COMMITMENT TO
BUY
REMAINING 20% OF VALERIA ONGARO'S SHARE CAPITAL IN GICO
    * CLOSING TO TAKE PLACE WITHIN JULY 2020
    * TRANSACTION TO BE FINANCED THROUGH COMPANY'S OWN MEANS

Source text for Eikon:  ID:nBIA57rRW6 
Further company coverage:  SOME.MI 

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