Brief: Tinexta, Intesa Sanpaolo Enter Strategic Partnership To Support Italian SMEs

Tinexta SpA

21/06/2021 06:45

June 21 (Reuters) - Tinexta SpA  TNXT.MI , Intesa Sanpaolo
SpA  ISP.MI :
    * TINEXTA, INTESA SANPAOLO ENTER STRATEGIC PARTNERSHIP
    * DEAL SEES INTESA TRANSFER 100% OF ITS SHARES IN INTESA
SANPAOLO
FORVALUE TO TINEXTA UNIT INNOLVA, WITH SUBSCRIPTION OF NEWLY
ISSUED SHARES FROM RESERVED CAPITAL HIKE
    * THE VALUE OF THE TRANSFER HAS BEEN FIXED AT EUR 55 MILLION
    * CLOSING IS EXPECTED TO TAKE PLACE IN JULY
    * TRANSFER WILL RESULT IN 75% OF INNOLVA BEING HELD BY
TINEXTA,
WHICH RETAINS CORPORATE GOVERNANCE MAJORITY, AND 25% BY INTESA
SANPAOLO
    * THERE IS ALSO SCOPE FOR PUT & CALL OPTIONS ON 25% HELD BY
INTESA
IN INNOLVA, SUBJECT TO TERMINATION OF PARTNERSHIP AND/OR
DETERMINED RESULTS WITH RESPECT TO PLAN TARGETS
    * PARTNERSHIP IS AIMED AT SUPPORTING ITALIAN SMES


Further company coverage:  ISP.MI  TNXT.MI 

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