(Finance) – Tinexta has concluded binding agreements for the sale to CRIF of the Credit Information and Management division which offers business information services and technical-estimation services in the real estate sector, through the sale of the equity investments held by Tinexta
in the companies Innolva and ReValuta.
The Transaction enhances the division to a total enterprise value of 237.5 million euros. The division generated 75.4 million in revenues in 2021 and 22 million in adjusted EBITDA, resulting in an implicit valuation of 10.8x EV / 2021 adjusted EBITDA which positions the overall transaction in the premium area with respect to the valuation ranges achieved by the most recent benchmarks. in Italy.
According to the agreements reached, the price for the sale of Innolva to CRIF will be equal to the equity value determined by the enterprise value of 187.5 million adjusted for the net financial position at closing. The closing of the sale of Innolva is expected in the second half of 2022.
Likewise, the sale of Tinexta’s shareholding in ReValuta is subject to certain conditions precedent, including the sale of Innolva to CRIF, the non-exercise of the aforementioned right of pre-emption by the minority shareholder of ReValuta and some additional conditions precedent which are usual for this type of operations, including Golden Power authorization. The price for the sale of the investment in ReValuta to CRIF will be equal to the equity value determined by the enterprise value of 50 million adjusted for the net financial position at closing.