Latham & Watkins has advised Pentafin S.p.A., the controlling shareholder of Piovan S.p.A., a company listed on Euronext Milan (the Company), in connection with the sale of 58.35% of the Company’s share capital to Automation Systems S.p.A., a vehicle owned by Investindustrial VIII SCSp fund.
Automation Systems S.p.A. will acquire 31,275,541 ordinary shares of Piovan at a price of €14.00 per share, resulting in an aggregate transaction value of approximately €438 million and implying a market capitalization of the Company of approximately €716 million. The parties entered into an investment agreement pursuant to which Pentafin will reinvest in the purchaser’s share capital, with a 25% stake.
Following the closing of the acquisition, the purchaser will launch a mandatory tender offer on all the Company’s shares (except for the treasury shares) with the aim of delisting the Company.
The Latham team was led by partners Antonio Coletti and Giovanni Sandicchi with counsel Guido Bartolomei and associate Valeria Fiormonti.
