(Telestock) – Digital Valuea company listed on Euronext Milan and active in the field of ICT solutions and services, has signed abinding offer which regulates the main terms of theacquisition of a 100% stake in the share capital of Italtelan Italian Information & Communication Technology group dedicated to the design, development and implementation of innovative technological solutions aimed at large companies and public administration bodies.
L’offer has been accepted from the current majority shareholder Nextalia SGRin the name and on behalf of the Italian closed-end and reserved alternative investment fund “Nextalia Credit Opportunities”.
The binding offer provides for the acquisition of 100% of the capital currently held, for a stake equal to approximately 71.38% of the share capital, by Nextalia, and for a stake equal to approximately 28.62% of the share capital by Clessidra Capital Credit SGR, on behalf of the “Clessidra Restructuring Fund”, of which Nextalia has undertaken to procure the sale, in exchange for a total consideration equal to a total of 120 million eurosto be paid as follows: 90 million euros at the closing date; 30 million euros at 20 June 2025.
The completion of the transaction is subject to: the transaction being approved, not prohibited or in any case permitted under an exemption regime by the competent authorities in the matter antitrust and golden power; upon signing a financing agreement with one or more credit institutions and the subsequent disbursement on the closing date in favor of Digital Value of an amount not exceeding the consideration for the sale. To this end, Digital Value has started negotiations with some leading Italian credit institutions.
The Italtel group has 14 operating offices in 7 countries around the world, 3 of which are in Italy (Milan, Rome, Palermo), in addition to Spain, Germany, France, Peru, Brazil, Colombia. In total, the Group employs approximately 1,200 people, of which just over 700 in Italy. 2023 was the first full year since the start of the “New ITALTEL” occurred on April 1, 2022 in conclusion of the concordat process.
The Italtel group recorded during 2023 revenues for 270 million euros of which 124 million on international markets, a EBITDA equal to 11.1 million euros (up 56% compared to the 2022 proforma EBITDA) before the extraordinary non-recurring items connected to the start of a process of profound transformation and repositioning of the group which led to the sale of non-core activities (sale of the Carini complex, sale of the Ultra Broadband business unit), the outsourcing of ICT services (through the sale of the related business unit) and the start of a rationalization plan. The operating result of continuing operations in 2023 it was therefore negative by an amount of 6.1 million euros.
As of December 31, 2023, the Net financial position was positive for 7.88 million euros and liquid assets amounted to 44.6 million euros after the payment during the financial year of 11 million euros of the composition debt in addition to the approximately 31 million euros already paid in 2022. As of 31 December 2023, 22 million euros of the composition debt remained to be paid and, of these, 11 million euros were paid in the first three months of 2024. The payment of the remaining portion (11 million euros) will take place by the end of 2024.
(Photo: © Veerasak Piyawatanakul)