ITALY - Alpha et al. to delist EUR 350m Permasteelisa

The syndicate, which also includes previous investor Investindustrial, has acquired a 61.5% stake in Permasteelisa that was controlled by several institutional investors for EUR 13 a share, and has launched a mandatory takeover offer at the same price for the remaining share capital.

The offer would value the business at EUR 353m.

The acquisition, which is being carried out via the investment vehicle Cima, sees Investindustrial sell a 22.2% stake that was previously held by some of its investments, while hedge fund Amber Capital will divest a 19.1% interesting, Ditd Holding 15.8% and the management a 4.4% stake.

The newco will be majority controlled by Alpha (40.8%), followed by International Architecture (30.7%), Invesindustrial (16.8% via Vintage) and Andimahia (11.7%).

The tender period is set to close in January/February 2010.

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• Topics
• Buyouts
• Southern Europe