(Finance) – Mavriq has signed a binding agreement to acquire 80% of Switcho shares by Marco Tricarico, Redi Vyshka, Francesco Laffi (the Founders) and by private investors, including Azimut.
Switcho is a fast-growing Italian company, founded in 2019 with the aim of helping Italians save on electricity, gas, telephone and insurance bills.
The founders will retain 20% of the shares (subject to cross-listed put and call options with Mavriq) and will continue to manage the company in its new growth phase.
L’enterprise value agreed for 100% of Switcho shares is equal to €20.0 million. In execution of the agreement, shares for 72.1% of Switcho’s capital have already been acquired at the time of the subscription, while the residual shares to reach an 80% participation will be acquired by 31 October 2024.
The purchase is financed by available cash. An earn-out of up to €4.0 million is also foreseen based on the results that Switcho will achieve in 2024. In 2023, Switcho reported revenues of €6.0 million, with an EBITDA of €1.8 million, both expected to grow significantly in 2024.
The acquired company will be reported within Mavriq’s telco and energy comparison scope starting June 30, 2024.