(Alliance News) - GPI Spa announced Thursday that its board of directors has selected a small number of investors interested in the valorization of its subsidiary Argentea Srl.

"The valorization of Argentea is a further step in the implementation of the group's strategy of increasing focus on the core business -- the development of IT software and services for the digital transformation of healthcare in Italy and abroad -- and of simultaneous capital and financial strengthening," the company said.

The second phase, as per market practice for this type of transaction, involves the conduct by potential investors, including through their own advisors, of due diligence on data and information regarding the Argentea subsidiary.

At the end of the due diligence, potential investors will be asked to submit binding offers, which will in turn be subject to evaluation by the company's board of directors, with the goal of reaching negotiations with one or more potential investors and, if the conditions are met, the closing of the transaction.

"Argentea, a company with 30 years of experience, is today a benchmark in the development of high-tech solutions and services for digital payments and food stamps. It distinguishes itself by offering independent software solutions dedicated to more than 900 clients in three sectors - retail, public administration and healthcare - followed by a team of 40 employees and an articulated distribution network."

Argentea has recorded significant growth rates over the past five years, both in terms of revenues and Ebitda with sharply rising margins and solid cash generation.

GPI's stock is down 0.4 percent at EUR8.07 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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