HABO, Sweden, Oct. 15, 2018 /PRNewswire/ -- AB Fagerhult (publ)
("Fagerhult") has today signed a Letter of Intent (LOI) with the
shareholders of iGuzzini illuminazione S.p.A ("iGuzzini") to
acquire 100% of the shares of iGuzzini.
Based on this LOI, Fagerhult has exclusivity to conduct a
customary due diligence and is targeting signing a Share Purchase
Agreement before the end of 2018. The finalising of the transaction
will be subject to Fagerhult board approval and any
anti-competition approvals that may be required. The transaction
will be funded from a combination of debt finance and a new rights
issue in Fagerhult shares.
Upon finalising the transaction, the Sellers (the Guzzini family
through the legal entity Fimag S.p.A and Tipo TIP – PreIPO S.p.A)
will receive a significant portion of the consideration in
Fagerhult shares with the aim of becoming shareholders of the
combined entity. Adolfo Guzzini (President of iGuzzini) and
Andrea Sasso (CEO of iGuzzini) - in
addition to remaining in their respective executive roles within
iGuzzini - will assume important roles in the top management of
Fagerhult.
The addition of iGuzzini will significantly strengthen the
Fagerhult Group's position in the professional lighting market both
in terms of the geographic presence and by adding leading
complementary product ranges. iGuzzini is a very well-known and
respected professional lighting brand with a high brand awareness
particularly amongst specifiers. The company designs, manufactures
and markets professional lighting solutions for both the indoor and
outdoor application areas. Founded in 1959 the company is based in
Recanati, Italy. In the financial
year ending December 2017, the
company had 1,300 employees, and sales of approximately 230
MEUR.
More information on iGuzzini is available at
www.iguzzini.com
This information is inside information that AB Fagerhult (publ)
is obliged to make public pursuant to the EU Market Abuse
Regulation.
The information was submitted for publication, through the
agency of the contact persons set out below, at 15.30 CET on
October 15, 2018.
Disclosures may be submitted by
Bodil Sonesson
CEO
mobile: +46-72223-7602
e-mail: bodil.sonesson@fagerhult.se
Michael Wood
CFO
mobile: +46-73-087-46-47
e-mail: michael.wood@fagerhult.se
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Fagerhult signs a
Letter of Intent to acquire iGuzzini
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SOURCE Fagerhult