(Alliance News) - Ariston Group NV announced Monday that the closing of the previously announced1 acquisition of 100 percent of the share capital of Centrotec Climate Systems GmbH from Centrotec SE has been completed.

The acquired group operates through four well-known brands: Wolf is a pioneer in the development of next-generation heat pumps with high-efficiency, low-noise natural refrigerant; together with the brands Pro-Klima and Ned Air, it is also successfully active in air-handling, offering high-efficiency systems for control and air conditioning in commercial buildings; and Brink is one of Europe's leading players in domestic heat recovery ventilation essential in ultra-low emission buildings.

Centrotec Climate systems employs about 2,500 people, benefits from a strong position in Germany and the Netherlands and a significant presence in other European markets. Production takes place in Germany, the Netherlands and Croatia.

The acquisition will be consolidated from January 2023, within the Thermal Comfort division.

The cash consideration paid at the acquisition is EUR635.0 million in cash, plus 41.4 million Ariston Holding NV shares.

Ariston Holding also carried out a reserved capital increase with the issuance of 19.3 million ordinary shares and 22.0 million shares of the new "unlisted ordinary" class (which Centrotec has the right to convert into ordinary shares 12 months after issuance).

The shares were issued at a price of EUR8.738, were transferred to Centrotec and will be subject to a 12-month lock-up in their entirety, and an additional 12 months for 20.7 million shares. The newly issued shares together represent about 11 percent of Ariston's total shares and about 2.6 percent of total voting rights.

Ariston closed Monday in the green by 0.1 percent at EUR9.62 per share.

By Claudia Cavaliere, Alliance News reporter

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