Leonardo-Finmeccanica rises from 14% to 28% of the Avio noting the shares by Cinven, which is released by the company. And, with Space 2, a Spac (Special purpose acquisition company) listed on the Miv segment of the Italian Stock exchange sees among the founders, mr. Sergio Erede and Gianni Mion, port Avio Square Business. The operation should be concluded within the first quarter of 2017.
Meanwhile, fLeonardo, today opened flat (10,91 euro, +0.09% from to 10:25), while Space2 earn 1% to 10.1 euro.
Avio is the european leader in the technologies of transport in the space, with the large capacity of the propulsion for launchers and space in the launchers to complete (Vega). Based in Colleferro (Rome), is present in Italy, France, French Guiana, with 5 settlements. In 2015, product revenue of 280 million euros, an increase of 24% over 2014 (€224 million). Previously, in 2011, the company had made application for the listing on the stock exchange.
Leonardo plans to invest € 43 million, and Space 2 154 million. Avio will receive an additional allocation of cash of 66 million euro earmarked for the financing of development plans.
Space2 employs with Avio-half of the capital in cash. The remaining assets will be added to the net payment for the year of withdrawal, that the Spac should sustain, in the nea formed Space3, whose project has been approved by the board of directors yesterday. At the end of the spin-off, Space 3 will be a Spac, which will be quoted always on the Miv segment of the Italian Stock exchange with a duration of up to 31 July 2018.
the Leonardo and Space2 detect, together, the 85,68% of Avio. The society of the space until today is held for the 56,02% from a range of private equity funds managed by Cinven Limited, for the 25,13% by institutional investors whose rights to vote are exercised according to instructions by Cinven, for the 14,32% by Leonardo and the 4,53% (is a partner in Avio from 2003) Viasimo Sarl (vehicle attended by the manager of Avio).
The merger provides for the acquisition by Space2 , Leonardo and some manager of Avio, via a vehicle already set up (In-Orbit Spa), of the entire share capital of Avio today not held by Leonardo, equal to 85,68%, against payment of € 137 million on the basis of an assessment of 100% of the share capital of Avio equal to 160 million.
that will place the incorporation of Avio in Space2 “with the assignment to the shareholders of Avio different from Space2 of the ordinary shares issued by Space2 , on the basis of a valuation of € 10 per share, of which the latter will request the admission to listing”.
The assembly of Space2 will be called to approve a capital increase in view of the exchange ratio of the merger up to a maximum 89,81 million to bring to end by 30 June 2017, through the issue of 8.981.689 ordinary shares. The exchange ratio of the merger has in the meantime been established to 0,0399 actions Space2 every 1 share for Avio, but will be subject to adjustment.
For the ordinary shares and the market warrants of the company resulting from the business combination, Space2 will ask for the admission to listing, preferably on the Mta.
Assuming that the acquisition is equal to 85,68% of Avio, that no shareholder of Space2 the armies of the withdrawal and the manager to acquire 5.6% of Avio, the shareholding of the final Avio will be the following: Leonardo will have the 28,15% of Avio, the managers, the 3,85%, Space Holding Srl, a company promoter of Space2 , the 3,81%, the current members of Space2 the 64,19%.
“After the success of the Space Row “, said the president of Space2 , Gianni Mion, “we are proud to bring to our investors another Italian jewel. We believe a solid partnership with the management of Avio, and with Leonardo, a group leader in the world of aerospace, defence and security”.
Banca Imi today explains that the investment of Leonardo, 43 million, is not particularly onerous for the group, but in line with the project to strengthen the business of aerospace and defense. In this way, Leonardo is consolidating its position in the segment of the launch and small satellites, which according to analysts should ensure in the future a high rate of growth.
Mediobanca (rated outperform, target price of 15 euro) which acts as financial advisor for the Leonardo, this is a deal cute but small in which it will be crucial to see the evaluation of the ipo of Avio. The transaction makes strategic sense for Leonardo due to the high focus on the aerospace market. Analysts piazzetta Cuccia remind you that the group has two joint ventures in place with Thales.
Cinven has acquired the majority of Avio by Carlyle in December of 2006 and amounted to 2.57 billion when the company included both the segment aerospace in aeronautics. The aeronautical activities were sold to General Electric in August of 2013 to 3.3 billion, thus realizing about a billion of value for the Fourth Cinven Fund.
Leonardo was assisted by Bnp Paribas and Mediobanca such as financial advisors and by studio Gianni, Grippo, Cappelli &Partners as legal advisor. Space2 , however, has been assisted by Leonardo & Co. – Houlihan Lokey as financial advisor and legal profiles from the studies BonelliErede and Giovannelli and Associates.
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