(Alliance News) - DHH Spa announced Thursday that it has completed the acquisition of minority shares in Connesi Spa for EUR2.8 million, obtained from a loan from Intesa Sanpaolo Spa.

The first step of the transaction had been completed with the purchase of the first stake amounting to 69.15 percent of Connesi's share capital, as indicated at the end of July 2022.

The second step of the transaction -- the purchase of the remaining 18.4 percent stake in Connesi's share capital from Raffaele Casali, Inarco Ammenti, Manuela Salvi and Fabbrica Multimediale Srl -- was completed today, ahead of schedule. Connesi also holds 12.5 percent of its own shares.

Giandomenico Sica, chairman of DHH's board of directors, said, "In agreement with our fellow Connesi shareholders, we chose to accelerate the completion of the earn-out process. The company has demonstrated a remarkable performance in this first year of partnership. In 2022, Connesi reported a turnover of EUR7 million, up 27 percent year-on-year, and an Ebitda of EUR1.7 million, up 57 percent. In addition, in the first half of 2023, it recorded a 14 percent increase in revenue and 24 percent increase in Ebitda, fostering substantial industrial synergy with Seeweb, our group's cloud computing provider."

"In light of these developments, we believe that our mutual trial period can be concluded early and we are ready to embark on a new phase of our collaboration. In this next phase, our goal is to increase synergies with other group companies and expand Connesi's presence in different geographic areas in central Italy."

DHH stock is up 4.0 percent at EUR15.60 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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