Daidoh Limited completed the acquisition of 65% stake in PONTETORTO s.p.a from Victoria Spa, Enrico Banci and Luigi Banci.
November 20, 2016
Share
Daidoh Limited (TSE:3205) signed a contract to acquire 65% stake in PONTETORTO s.p.a from Victoria Spa, Enrico Banci and Luigi Banci for €19.5 million on November 18, 2016. Daidoh will acquire 0.02 million shares of PONTETORTO. Under the term of deal, the Banci brothers will remain shareholders and, above all, they will keep managing the Pontetorto. Pontetorto will retain its Italian identity, therefore neither the structure, nor the management will be changed. Daidoh will nominate some members to the new Board of Directors, who will bring their international experience to Pontetorto.
For the year ended December 2015, PONTETORTO reported net assets €8.56 million, total assets of €25.74 million, sales of €52.25 million and operating income of €3.38 million. The Board of Directors of Daidoh Limited resolved to acquire PONTETORTO on November 18, 2016. The share transfer date is expected to be on November 21, 2016. Nick Wall, Giovanni Gazzaniga, Giorgia Giorgetti, Carmen Castellano, Emilio De Giorgi, Tokutaka Ito and Roberta Errico of Allen & Overy Gaikokuho Kyodo Jigyo Horitsu Jimusho acted as legal advisors to Daidoh Limited. Ciro di Palma and Francesca Battistutta of Lombardi Molinari Segni acted as legal advisors and Alessandro Baroni and Stefano Oddo of Cross Border, S.r.l acted as financial advisors and Stefano Papi of Studio Papi & Associati acted as legal advisors to Victoria Spa. GCA Altium acted as financial advisor to Daidoh. Ernst & Young acted as a financial and tax due diligence provider to Daidoh Limited.
Daidoh Limited (TSE:3205) completed the acquisition of 65% stake in PONTETORTO s.p.a from Victoria Spa, Enrico Banci and Luigi Banci on November 21, 2016.
DAIDOH LIMITED is a Japan-based company principally engaged in the apparel business and real estate business. The Company operates in two business segments. The Clothing Product segment is engaged in the manufacture and sale of wool textiles, and clothing for both men and women. The Real Estate Leasing and Others segment is involved in the leasing of non-residential real estates, including shopping centers and office buildings.