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The overall consideration for the 49% interest is €23.4 million
Italian firm Campari Group announces that it has signed an agreement with all shareholders-including the leading ones (the CEO Mr. Marco Magnocavallo, Programma 101 SICAF S.p.A. and Boox S.r.l, jointly the ‘Sellers’)-to acquire a 49% interest in Tannico S.p.A. (‘Tannico’ or the ‘Target’).
The transaction structure foresees that Campari Group acquires 39% of the share capital of Tannico and simultaneously subscribes to a reserved capital increase to reach, in aggregate, a 49% shareholding.
Founded in 2013, Tannico is the market leader in online sales of wines and premium spirits in Italy, with a market share of over 30%.
The overall consideration for the 49% interest is €23.4 million. Tannico held €1.6 million net cash as of 31 December 2019. The consideration will be financed through available resources and will be paid using cash. Pursuant to the investment agreement, Campari Group will have the possibility to increase its interest to 100% starting from 2025, based on certain conditions. The transaction is expected to close by end of July 2020.