(Alliance News) - Borgosesia Spa announced Thursday that shareholder Dama has reached an agreement with Istituto Atesino di Sviluppo to sell the 19.7 percent stake it holds in Borgosesia.

The deal provides for a fixed consideration of EUR8.3 million -- equivalent to EUR0.88 per share -- plus an earn-out that will be determined, partly on the basis of share price performance, at the end of the third year following the first renewal of the company's board of directors.

As part of the agreement, ISA holding company for more than 90 years operating in Trentino-Alto Adige and neighboring regions and focused on acquiring equity investments with a long-term perspective has, among other things, undertaken to ensure that Mauro Girardi, president and CEO of Borgosesia, will have tasks and functions substantially similar to the current ones with a focus in particular on the alternatives, strategies and new business area - and this for at least three years.

"Borgosesia's growth in recent years has been important and higher than even the most optimistic forecasts that only a few years ago I could have made," commented Mauro Girardi, "but now, in order to achieve new and more important goals, the time has come to involve new shareholders in the project who can adequately support it along this path. I therefore believe that ISA's entry into the shareholding structure goes exactly in this direction, and I take this opportunity here to thank all those who in recent years, with their daily commitment, have allowed the development of what, for me, will always remain 'my Borgosesia' and to which I hope to be able to make a contribution again in the future."

"We are pleased with this operation, which goes to strengthen ISA's presence in investments dedicated to alternative assets," said Giorgio Franceschi, director ddi ISA, "and which has as a distinctive element the quality of Borgosesia's management. ISA wants to contribute to the evolution of the company's business model in the direction of an articulated management and co-investment platform."

"We are pleased that Mauro Girardi has shared to continue with us the company's development plan, which will see him - at least for a three-year period - at the forefront in declining the company's directions and strategies, especially in the area of new business, while the fruitful collaboration with Davide Schiffer, manager in charge of the group's real estate division, will continue."

Borgosesia's stock is up 2.0 percent at EUR0.82 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.