S&P GSCI COFFEE INDEX (Alliance News) - De' Longhi Spa announced Thursday that a business combination agreement between Eversys and La Marzocco has been signed.
The former is a leading company in the production and distribution of automatic coffee machines while the latter specializes in semi-automatic ones and coffee grinders. The combination will create a globally significant player in the professional coffee machine sector.
The new entity to be created from the merger will be controlled by De' Longhi, with Eversys' related contribution, De' Longhi's acquisition of shares in La Marzocco International LLC from both De' Longhi Industrial SA and minority shareholders, for about 41.2 percent of the capital. The remaining shares of La Marzocco will also be contributed to the new corporate structure by the shareholders.
De' Longhi will control 61.4 percent of the new hub while 26.6 percent will be held by De' Longhi Industrial and about 12 percent will be in the hands of La Marzocco's minority shareholders.
De' Longhi will disburse a total of USD374 million. This sum will be covered entirely through De' Longhi Group's own means.
From the new hub, revenues for 2023 of EUR372 million and adjusted Ebitda before synergies of EUR87 million are expected.
De' Longhi's stock closed Thursday down 0.7 percent at EUR29.80 per share.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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