(Alliance News) - GPI Spa announced Friday that its board of directors has approved the sale of the entire share capital of Argentea Srl to Zucchetti Hospitality Srl.

The former is a wholly owned subsidiary of Zucchetti Spa, while the latter is a reference company in the development of high-tech solutions and services for digital payments and meal vouchers.

The consideration for the sale of Argentea has been agreed at about EUR99 million, based on an equity value of Argentea of about EUR105 million.

There is also an earn-out clause, whereby the buyer undertakes to pay GPI an additional EUR6 million, on the sole condition that Argentea's 2024 fiscal year EBITDA, to be calculated in continuity with past management criteria, is at least equal to that of the 2023 fiscal year.

On Friday, GPI closed 1.1 percent in the red at EUR11.20 per share.

By Claudia Cavaliere, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.