(Alliance News) - A few hours after the start of the sale, Timone Fiduciaria Srl has already completed the sale of 1.3 million ordinary shares of Azimut Holding Spa.

The shares, amounting to 0.9 percent of the company's capital, were sold at an average unit price of EUR22.35 each, for a total consideration of EUR28.2 million.

Timone Fiduciaria-which acted on behalf of 1,046 syndicate members-agreed to a lock-up period expiring 180 days after the closing, subject to the usual exceptions and waivers by Intermonte Partners SIM Spa, gloabl coordinator and sole bookrunner of the transaction.

As a result of the transaction, Timone Fiduciaria holds, on behalf of the syndicate members, 30.4 million shares in Azimut Holding, representing 21 percent of the latter's share capital.

Azimut Holding's stock closed Tuesday up 0.8 percent at EUR23.17 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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