(Tiper Stock Exchange) – Destination Italyan Italian Travel Tech company specialized in quality incoming tourism to Italy and listed on Euronext Growth Milan, and Sardinia portalOnline Travel Agency (OTA) specialized in the incoming tourism sector for Sardinia and listed on the same market, have signed a binding agreement for the merger by incorporation of Portale Sardegna into Destination Italia.
The goal is create a leading group in the incoming Italy sector, capable of competing in the international B2B and B2C markets in various segments, including high quality luxury. The strength of the new group, explains a note, will consist in ability to intercept greater flows of foreign touristsincrease the frequency of purchase of the “Italian tourist product”, de-seasonalize demand, enhance the whole Italian territory and raise the average value of trips with the offer of exclusive experiences.
“To grow Italy’s tourist exports in the world, however, the competitiveness of the companies that manage the inbound must grow: today the absence of players capable of affecting global tourist flows stands out – commented Dina Ravera, reference shareholder of Destination Italia – Destination Italia, with this extraordinary operation, proceeds along the process of creating a global player in the luxury segment, rooted in Italyfor the benefit of the Italian territorial economy and in support of SMEs”.
“The marriage between Destination Italia and Portale Sardegna is a an almost natural step for two companies dedicated to incoming which complement each other in a surprising way, due to the assets available to each of the two companies”, said Massimiliano Cossu, CEO of Portale Sardegna.
As a result of the merger, the shares of Portale Sardegna will be delisted from trading on Euronext Growth Milan and canceled and the current shareholders of Portale Sardegna will receive newly issued ordinary shares of Destination Italia according to the exchange ratio of 1 to 2.45 (1 Portale Sardegna share will be exchanged for 2.45 newly issued shares of Destination Italia), resulting from a free capital increase.
Following the completion of the transaction, the share capital of Destination Italia will be held for approximately 75% by the current shareholders of Destination Italia and for about 25% by the current shareholders of Portale Sardegnaexcept as indicated in the following point.