(Alliance News) - Mittel Spa has announced that, with reference to the transaction for the sale of the 60% majority stake held in the share capital of Gruppo Zaffiro Srl, it has received notice from Sarafin Spa that the condition precedent has been fulfilled.

Specifically, Sarafin announced that it has entered into an investment agreement with Eurizon Capital SGR Spa, as the management company of the Italian reserved closed-end alternative investment fund named Eurizon Iter and the non-reserved closed-end FIA fund, authorized by the Bank of Italy as a European Long-Term Investment Fund, named Eurizon Iter Eltif.

Under the investment agreement, 45 percent of the stake will be purchased by Sarafin and the remaining 15 percent by EC.

The closing is expected to take place within 13 working days after the positive outcome of the usual antitrust procedures; at the closing, Mittel will collect in one lump sum: for the sale of the equity investment a price equal to EUR42 million; and for the sale of all receivables owed by Mittel, under shareholder loan agreements, to Zaffiro Group, an amount equal to EUR25 million, plus the related interest accrued up to the date of the completion of the sale.

Mittel trades in the green by 6.5 percent at EUR1.32 per share.

By Claudia Cavaliere, Alliance News reporter

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