Howden Broking Group Limited signed a definitive share sale and purchase agreement to acquire 86.965% stake in Assiteca S.p.A. (BIT:ASSI) from Lucca S S.R.L. and Chaise Spa for approximately €210 million on March 1, 2022. As per the transaction, Howden Broking Group Limited will acquire 37,110,987 ordinary shares of which 62.505% stake will be acquired from Lucca S S.R.L. and 24.460% stake from Chaise Spa at €5.624 per share. Howden italia holdings and some minority assiteca shareholders further sign purchase and sale agreements, subject to closing of acquisition, for a further 5.667% stake of assiteca.howden holdings limited totally holds 92.632% of assiteca share capital. As a part of the transaction, Luciano Lucca will remain as Chairman of the Board of Directors, Gabriele Giacoma will remain as Chief Executive Officer, and Nicola Girelli will remain as Finance Director. After the transaction, Howden Broking Group Limited will launch a mandatory takeover offer for all the remaining Assiteca shares at the price of €5.624 per share. The transaction is expected to complete around May 2022. As of May 4, 2022, all conditions precedent to closing has been satisfied and transaction is now expected to be closed on May 6, 2022.
Intermonte SIM S.p.A. acted as financial advisor and Gatti Pavesi Bianchi Studio Legale Associato and Damian P. Ridealgh, Kevin Whittam and Jonathan Wood of Weil, Gotshal & Manges LLP acted as legal advisors to Howden Broking Group Limited. Jody Vender acted as financial advisor and Pedersoli e Associati acted as legal advisor to Lucca S S.R.L. and Chaise Spa.