Sicily by Car S.p.A. completed the acquisition of Industrial Stars of Italy 4 S.p.A. from its shareholders in a reverse merger transaction.
August 02, 2023
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Sicily by Car S.p.A. agreed to acquire Industrial Stars of Italy 4 S.p.A. (BIT:IN4) from its shareholders in a reverse merger transaction for EUR 39 million on May 16, 2023. Sicily by Car will also increase its capital as part of the deal. Upon proposal of the Board of Directors, following the exercise of the right of withdrawal by many shareholders which entails for Indstars 4 a total net outlay in excess to Euro 28 million (the "Statute Termination Condition"). The Business Combination is resolutely subject to: (i) the lack of approval by the Indstars 4 shareholders' meeting, (ii) the occurrence of the Statutory Termination Condition and (ii) the fact that the procedure for listing SbC on the EGM is not completed with positive result. Subject to the completion of the business combination of Industrial Stars of Italy 4 with Sicily by Car, Sicily by Car will start trading on FTSE Italia Growth Index and FTSE Italia PIR PMI All Index from August 4, 2023. The transaction is approved by the assembly of Industrial Stars. The Business Combination is expected to be finalized by July 2023. Intesa Sanpaolo S.p.A. (BIT:ISP) acted as financial advisor to SBC in the transaction.
Sicily by Car S.p.A. completed the acquisition of Industrial Stars of Italy 4 S.p.A. (BIT:IN4) from its shareholders in a reverse merger transaction on August 3, 2023. DLA Piper Italy LLP acted as legal advisor to Industrial Stars of Italy 4 S.p.A.
Sicily By Car SpA is an Italy-based Company engaged in the Passenger Car Rental industry. The Company offers four main renting services: rental without driver (cheap vehicles, compact, intermediate-size, standard, and convertible/cabrio cars, station wagon and 9-seater minivan cars), commercial vehicle rental, electric cars and commercial vehicles rental, and boat rental. The Firm is engaged in other activities, such as: providing travel arrangement and reservation services, retailing used automobiles and light trucks, and renting or leasing (without drivers) trucks and vans. The Company operates in Italy through its network of local offices, and in Albania via its subsidiary Sbc Albania Shpk.