Palamon to buy 49% stake in Il Sole 24 Ore events division

According to a statement, the planned acquisition would be based on an €80m EV for the company's division and follows an auction process involving three bidders. The transaction is expected to reach a close by the end of July 2017 and foresees the creation of a newco into which the group's training and events-focused business will flow.

The planned deal follows the recent turnover strategy announced in May 2017 by the group as part of a rebalancing of its capital structure, highlighting a need of €70m for the business. As part of the restructure, the company outlined plans for a €50m capital increase split into a €30m injection from the majority shareholder, Confindustria, and an additional €20m from the issuance of new shares. The transaction includes the repayment of the company's credit line and the issuance of a new revolving credit facility.

Company
The training and events division of Gruppo Sole 24 Ore manages several training programmes including the 24 Ore Business Schools.

Headquartered in Milan, the group was born in 1965 following the merger of Italian financial newspaper Il Sole and its competitor 24 Ore, founded in 1865 and 1946 respectively.

According to a statement, the division generated €20.1m in revenues with €2.1m in EBITDA in 2016.

People
Gruppo Sole 24 Ore – Giorgio Fossa (chair).

Advisers
Seller – Colombo & Associati (M&A); BonelliErede (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Southern Europe
• Support services
• Italy
• Palamon Capital Partners