Megha Engineering & Infrastructures Limited completed the acquisition of second part of Oil & Gas Division from TREVI - Finanziaria Industriale S.p.A., Soilmec S.p.A. and Trevi S.p.A.
March 30, 2020
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Megha Engineering & Infrastructures Ltd entered into a sale and purchase agreement to acquire Oil & Gas Division from TREVI - Finanziaria Industriale S.p.A. (BIT:TFI), Soilmec S.p.A. and Trevi S.p.A. for 140 million on August 5, 2019. The transaction is on a debt free basis. The consideration is subject to adjustments upon the occurrence of certain events, including any changes in the working capital of the companies of the Oil & Gas Division against the reference value that has been considered for the purposes of valuating the division. The transaction is subject to the occurrence of certain conditions precedent, including, among others the implementation by the sellers of a number of intercompany transactions aimed at transferring to Megha Engineering & Infrastructures all the assets being sold on a debt free basis, the execution and subsequent approval of the Trevi Group debt restructuring agreement, the non-occurrence of material adverse changes before the closing date which based on the information currently available is reasonably expected to occur by the end of the current financial year. As on February 28, 2020, TREVI - Finanziaria completed the sale of minority shareholding in Petreven S.p.A for 20 million. The transaction is expected to close on March 10, 2020.
Alessio De Comite, Lucia Pascucci and Vieri Betti Guaraldi of Rothschild S.p.A., Vitale&Co. S.P.A., Stamford Avenue Partners S.A.S, Parks Paton Hoepfl & Brown and Simmons Energy | A Division of Piper Sandler acted as financial advisors to Trevi S.p.A.. Piper Sandler & Co. acted as financial advisor to TREVI - Finanziaria Industriale S.p.A.. Nusrat Hassan and Anand Srivastava of Link Legal India Law Services acted as legal advisors for Megha Engineering & Infrastructures. Gianpaolo Scandone, Vincenzo Di Ferdinando and Hanson Bridgett of Gatti Pavesi Bianchi Studio Legale Associato and Antonio Segni and Stefano Cirino Pomicino of Gianni, Origoni, Grippo, Cappelli & Partners, Laura Gualtieri of Tremonti, Romagnoli, Piccardi e Associati, Steptoe & Johnson LLP, John Crespo and Michael Liu of Morgan, Lewis & Bockius and PricewaterhouseCoopers acted as legal advisors for Trevi. Lazard S.r.l. acted as financial advisor to TREVI - Finanziaria Industriale S.p.A. Artha Arbitrage Consulting LLP acted as financial advisor to Megha Engineering & Infrastructures Limited. Gemma & Partners acted as legal advisor for Megha Engineering & Infrastructures.
Megha Engineering & Infrastructures Limited completed the acquisition of second part of Oil & Gas Division from TREVI - Finanziaria Industriale S.p.A. (BIT:TFI), Soilmec S.p.A. and Trevi S.p.A. on March 31, 2020.
Trevi Finanziaria Industriale SpA is an Italy-based holding company of the Group Trevi engaged in integrated underground engineering through its divisions, such as Trevi and Soilmec. Trevi division carries out foundations, soil consolidations and geotechnical works for the kinds of infrastructures, such as subways, dams, ports and docks, bridges and viaducts, railway and motorway lines, industrial and civil buildings, as well as secures polluted sites. Soilmec division designs, manufactures and markets machinery, plants and services for soil engineering. The Group operates globally. The Group's past projects include the consolidation of the Leaning Tower of Pisa, the foundation works for the new World Trade Center in New York, the recovery of the Costa Concordia and the securing of the Mosul Dam in Iraq.
Megha Engineering & Infrastructures Limited completed the acquisition of second part of Oil & Gas Division from TREVI - Finanziaria Industriale S.p.A., Soilmec S.p.A. and Trevi S.p.A.