Exor N.V. (BIT:EXO) signed an agreement to acquire additional 43.78% stake in GEDI Gruppo Editoriale S.p.A. (BIT:GEDI) from Compagnie Industriali Riunite S.p.A. (BIT:CIR) for approximately €100 million on December 2, 2019. The offer per share is €0.46. As on December 2, 2019, Exor held 6.26% stake and post completion of the deal, it will hold 50.04% stake in GEDI. As on February 19, 2020, Compagnie Industriali Riunite S.p.A. has merged into COFIDE - Gruppo De Benedetti S.p.A. (BIT:COF) and COFIDE has changed its name to “CIR S.p.A. – Compagnie Industriali Riunite”. As on February 24, 2020, Exor holds 5.99% stake in GEDI. As a result of the transaction, Exor will hold a shareholding of 49.77% in GEDI. Following the closing, Exor will launch a public tender offer via a newly constituted joint stock company on all the outstanding shares of GEDI Gruppo Editoriale S.p.A. not already owned. Exor will finance the transaction from its own resources. Completion of the transfer of ownership is subject exclusively to receipt of the necessary approvals from the competent authorities, including the European Commission and Autorità per le Garanzie nelle Comunicazioni.

The EU Commission has approved the transaction on March 30, 2020. In view of the expected timing for these authorizations, it is foreseen that the transaction will close by the end of the first quarter of 2020. The transaction completion shall take place on April 23, 2020. Antonio Segni, Andrea Aiello and Lidia Caldarola of Gianni Origoni Grippo Cappelli acted as legal advisors to Compagnie Industriali Riunite. Carlo Re, Fabrizio Grasso and Tommaso Ricolfi of Pedersoli acted as legal advisors to Exor. Credit Suisse International acted as financial adviser and provided fairness opinion to the Board of Directors of Compagnie Industriali Riunite. Gjorgji Georgievski of ODI acted as legal advisor for Exor.