(Alliance News) - LVenture Group Spa and Digital Magics Spa have approved plans to merge, creating the Italian leader dedicated to startup investment and open innovation.

In detail, Digital Magics shareholders will receive 46 shares of LVenture for every five shares held, holding 63 percent of its capital, while LVenture shareholders will hold 37 percent.

In addition, a framework agreement was signed to govern the transaction and a shareholders' agreement was signed to regulate the relationship between the major shareholders of the merged company.

LVenture then resolved to launch a EUR2.5 million capital increase reserved for LUISS Guido Carli University.

LVevnture CEO Luigi Capello commented, "With this transaction, the second phase of LVenture Group's development begins, thanks to the important aggregation with Digital Magics that we are announcing today (yesterday, ed.). The goal is to create an operator with critical mass that goes beyond national borders and brings us to compete at the European level. This new player will be the aggregator of Italian and international entrepreneurial initiatives and capital, bringing Italian entrepreneurial creativity on a global scale."

"Thanks to the extraordinary work of the entire LVenture Group and Digital Magics team and the support and passion of our shareholders, including LV.EN Holding and LUISS University, a new era is opening for Italian startups and all corporations that have the ambition to innovate."

Digital Magics Executive Chairman Marco Gay said, "Today is an important step that together with the whole team of Digital Magics and LVenture kicks off the largest private Italian player dedicated to investing in talent and startups and open innovation; it is a starting point and not an arrival point that sees us united and ready to grow with a great industrial project. With the merger deal we are making, we are restarting from our first 20 years and carrying on our mission of making a system to grow also thanks to the great ability of the management and the whole team and the support of our historical partners, such as Tamburi Investment Partners Spa and LUISS Guido Carli University, who believe in us. With this union that pushes Digital Made in Italy at an international level, -I am sure-we will give an extraordinary and concrete contribution to the whole Italian innovation ecosystem for investors, start-ups and corporations."

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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