(Alliance News) - GPI Spa announced Wednesday that it has finalized the sale of 100 percent of Argentea Srl to Zucchetti Hospitality Srl and that the capital gain generated by the transaction amounts to about EUR83 million.

The company explained that the amount paid is about EUR99 million, based on an equity value of Argentea of about EUR105 million. In addition, there is an earn-out clause, whereby the buyer undertakes to pay GPI an additional amount of EUR6 million, on the sole condition that Argentea's FY2024 Ebitda, to be calculated in continuity with previous management criteria, is at least equal to that of FY2023.

"The cash derived from the sale of Argentea will be used to strengthen the group's financial strength after the large acquisitions in 2022 and 2023 by contributing to the support of working capital," the company explained in a note.

GPI trades in the green by 1.7 percent at EUR12.00 per share.

By Claudia Cavaliere, Alliance News reporter

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