Magenta sells Cifa to Zoomlion

In Italy, Magenta has finally been liquidated, selling Cifa, its only portfolio company to a consortium comprising Chinese heavy machinery firm Zoomlion in a deal valued at EUR271m. Zoomlion reportedly has taken a 60% stake (at EUR163m) in the company while the other investors Goldman Sachs Private Equity, Mandarin Capital Partners and Hony Capita will retain the remaining 40%. Zoomlion is reportedly financing the acquisition with $50m of its own equity and a $200m debt packaged provided by Barclays. This acquisition marks the largest Chinese investment in Italy and second ever in Europe.

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• Southern Europe