(Alliance News) - BF Spa has announced that BF International Best Fields Best Food Limited, a company it wholly controls, has signed the framework agreement for the purchase of the stake representing the entire share capital of Agriconsulting Europe SA and its subsidiaries and investee entities: AESA Hungary Ltd, AESA East Africa, Agriconsulting Maroc SA, Bonfina Europe SA, AGRECO Geie and CBE Geie, the latter of which are 50% and 5% owned, respectively.

AESA is a Belgian subsidiary of Agriconsulting Spa that is involved in project management financed by, among others, the EU, tender management and technical assistance in the areas of agriculture, climate change, environment, economic and social development, with a presence in more than 75 countries worldwide.

Under the agreement, BFI will acquire the Participation from Agriconsulting-which holds 26,394 shares out of a total of 26,395 shares-and from Francesco Saverio Grazioli-which holds 1 share out of a total of 26,395 shares.

Agriconsulting will be subject to simultaneous sale and purchase by the current shareholders, which include AESA itself, in favor of Diagram Spa, upon the occurrence of certain conditions precedent and subject to the completion of the sale and purchase of the stake, the company explained in a note.

The consideration for the purchase of the shareholding was determined at EUR33.1 million based on the Enterprise Value/EBITDA multiple, supplemented with the Net Financial Position that also takes into account the effects of the aforementioned sale by AESA in favor of Diagram of the 7.50 percent stake held in Agriconsulting, and will be paid by BFI on the date of execution of the transaction.

In addition, the company announced that together with its subsidiary BF International Best Fields Best Food Limited, it has signed an investment contract with SIMEST Spa, a company for the internationalization of companies belonging to the Cassa Depositi e Prestiti Spa group, which provides a total financial intervention of EUR15 million in favor of BFI. The financial intervention is aimed at supporting BF Group's international expansion project.

The investment contract envisages that the financial intervention will have a duration until December 31, 2029 with a contractually defined annual return, recognized, for the SIMEST participation, through the distribution of dividends by BFI and, in case of failure and/or inability to distribute, directly by BF, as co-obligor, and for the shareholder loan, through the payment of interest by BFI, with BF guaranteeing all the obligations undertaken by BFI.

As of Dec. 31, 2029, BF is scheduled to buy back the SIMEST stake at a price equal to the entry cost and BFI will repay the shareholder loan with BF's guarantee.

BF is flat at EUR3.62 per share.

By Claudia Cavaliere, Alliance News reporter

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