TIP Acquires a stake of Elica owned by Whirlpool
The companies maintain completely unchanged the commercial relations in place for many years
Tamburi Investment Partners S.p.A., independent and diversified investment & merchant bank listed on the STAR segment of Borsa Italiana has reached today an agreement with Whirlpool EMEA S.p.A. for the acquisition of its total stake in Elica S.p.A., a company listed on the STAR segment of Borsa Italiana, the parent of a Group that is the leading manufacturer of kitchen range hoods, made of ordinary shares representing 12.568% of the share capital for a consideration of Euro 15,916,406.
Moreover, TIP reached a shareholder agreement with FAN S.r.l., controlling shareholder of Elica with a participation of 52.809% of the share capital aimed at a medium-term strategic alliance.
Finally, to further seal the agreements reached, TIP agreed with Elica the acquisition of all of the treasury shares owned, equal to 2.014% of the share capital, at the same price by share agreed with Whirlpool. After the mentioned transaction TIP will own 14,582% of the share capital of Elica and Giovanni Tamburi will be co-opted into the Board of Directors of Elica.
Elica and Whirlpool maintain completely unchanged the commercial relations in place for many years, renewed with a quinquennial framework agreement stipulated in 2018.
The expected date for the execution of the transaction (closing) is July 26, 2019.
James Peters, Executive Vice President and Chief Financial Officer of Whirlpool Corporation, states: “Our collaboration with Elica has always been and will remain important over time; this transaction does not in the least affect the relationship of great esteem on skills, technologies and capabilities of Elica and indeed we are happy that it is partnering with such a prestigious financial investor”.
Giovanni Tamburi, President and CEO of TIP states: “We are proud to enter into the shareholding of Elica, one of the great excellence in design, technology and high-end products in ventilation, filtration and purification sector, conceived to improve the welfare of people and environment”.
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