(Finance) – Innovateca company listed on Euronext Growth Milan and active in the sectors of energy efficiency and environmental sustainability, has signed an agreement for acquire 29.58% of the share capital from WELL YES, a company listed on Euronext Growth Milan and active in the renewable energy market as EPC (Engineering, Procurement and Construction) and System Integrator. To sell, for a total consideration of 6,500,000 euros, was Integra Srl, majority shareholder of ESI with 55.80% of the share capital. The operation is functional tolaunch of the new business unit dedicated to photovoltaics of Innovatec, which will use ESI’s experience to build and ground future photovoltaic initiatives, ensuring quality, speed and certainty of execution for customers.
The transaction provides for the sale by Integra to Innovatec of 2,066,745 ESI ordinary shares equal to 29.58% of the share capital, at a price per share of 3.145 euros, of which: 1,455,369 ESI ordinary shares against the consideration in cash equal to 4,500,000 euros; 611,376 ESI ordinary shares, in exchange for 1,000,000 newly issued Innovatec sharesfor a total value of € 2,000,000, substantially in line with the weighted average of the Innovatec share in the last six months (€ 2.01).
The agreement is aimed at developing an industrial partnership between ESI and Innovatec, aimed at significantly expanding ESI’s order book. The sales contract does not contain provisions on the matter of governance of ESI and / or Innovatec nor Innovatec and Integra have subscribed shareholders’ agreements relating to ESI and / or Innovatec.
“Thanks to the agreement signed with Innovatec, which has recognized ESI as a solid and strategic industrial partner, we will be able to increase the production and supply of alternative energy at the service of our new partner – he commented Stefano PloccoCEO of ESI – In addition, Innovatec’s direct stake in ESI’s capital will allow us to maintain a strong involvement in the entrepreneurial projects of our company “.