Phoenix Holding S.p.A. entered into an agreement to acquire Adex B.V. from Aalberts N.V. (ENXTAM:AALB) on July 5, 2021. In a related transaction, North American Pipe Corporation entered into an equity purchase agreement to acquire LASCO Fittings, Inc. from Aalberts N.V. (ENXTAM:AALB). Adex generated an annual revenue of approximately €10 million. The Adex management team will remain with Phoenix to ensure the future development of the business.