(Finance) – The Board of Directors of FNM today resolved to purchase 2,100,000 ordinary shares from the TIM Group Northcom, corresponding to 42% of the share capital. This operation, explains a note, makes FNM the sole shareholder of Nordcom, increasing its stake to 100%.
Nordcom, specialized in the design and maintenance of Information & Communication Technology systems, mainly supports the FNM Group and Trenord, as well as residually serving other non-captive customers in the mobility, healthcare and fiber optic infrastructure sectors. From a strategic and economic-financial point of view, the acquisition of full control of Nordcom will allow FNM to bring the company which controls a substantial share of the Group’s IT governance and information systems within the scope of full consolidation, optimizing the provision of these services and integrating its initiatives within the broader context of FNM.
As of December 31, 2023, Nordcom was consolidated using the equity method and had recorded revenues of 23.5 million Euros, an EBITDA of 3.7 million Euros, a net result of 1.1 million Euros and a financial position net positive cash flow of 7.2 million euros (8.9 million euros at 31 March 2024).
The completion of the acquisition, following which the Company will be fully consolidated in the financial statements of the FNM Group, is expected by the end of next July, with the payment of 8.3 million Euros as consideration for the sale of the participation of 42%, drawing on current cash availability and without resorting to external financing.