(Alliance News) - Defence Tech Holding Spa Benefit Company announced Monday the entry of Tinexta Spa into its corporate structure as a new strategic partner, which today finalized the purchase of a 20 percent stake in Defence Tech through its own wholly owned vehicle.

The transfer of the shareholding to Tinexta was finalized upon the fulfillment of all conditions precedent stipulated in the relevant binding agreement, including Golden Power authorization and obtaining confirmation from the Panel of the Italian Stock Exchange that there is no need to promote a takeover bid following the mere subscription of the Tinexta Call," the company's note reads.

The purchase by the Tinexta Vehicle of 20 percent of Defence Tech's capital, amounting to about 5.1 million shares, was carried out pro-rata by the reference shareholders, Comunimpresa Srl, GE.DA Europe Srl and Starlife Srl, at EUR4.90 per share, for a total consideration of about EUR25.0 million.

Emilio Gisondi, ceo of the Defence Tech Group, commented, "We proudly announce today the entry of Tinexta, with a 20 percent stake, into our corporate structure thus marking a historic step in the evolution of our Group. In an increasingly complex and competitive market, having an industrial partner such as Tinexta represents, after the stock market listing, the piece that completes a corporate structure capable of determining the important results expected for the coming years, guaranteeing continuity to our industrial plan in the development of multi-year programs in Defense, Space and Homeland Security to which is added the possibility of implementing common synergies."

Defense Tech on Monday closed in the green by 0.9 percent to EUR4.40 per share while Tinexta ended in the red by 0.9 percent to EUR19.97 per share.

By Chiara Bruschi, Alliance News reporter

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