(Finance) – The Board of Directors of GPIa company listed on Euronext Milan and active in the field of information systems and healthcare services, has approved the transfer of the entire share capital of Argentea to Zucchetti, a reference company in the development of high-tech solutions and services for digital payments and meal vouchers. The closing is expected in March.
The corresponding for the sale of 100% of Argentea, to be paid in full in cash at closing, was agreed in 99 million euros, based on an equity value of Argentea of 105 million euros. A new one is also planned earn-out clausewith which the buyer undertakes to pay GPI an additional amount of 6 million euros, on the sole condition that Argentea’s EBITDA for the 2024 financial year, to be calculated in continuity with previous management criteria, is at least equal to that of the 2023 financial year.
In the 2023 financial year, Argentea recorded a Production value for 16.3 million euros and a EBITDA of 6.9 million euros.
“This operation allows you to focus more on our core business and to focus on software solutions for digital and sustainable healthcare – commented theCEO Fausto Manzana – We pay particular attention to telemedicine and start to see the use of Artificial Intelligence in some practical cases. With the proceeds of the sale we obtain a positive strengthening of the financial structure of the Group, called to support the important contracts awarded at a national level and to continue its growth path”.
The acquisitions of the Evolucare Group and the Tesi Group and the sale of Argentea allow the achievement of the economic targets of the Plan Industrial Strategic Plan 2022-2024, which envisages revenues greater than 500 million euros, an EBITDA margin greater than 17% with the containment of the NFP within the financial covenants.