Zucchetti Hospitality S.R.L. signed an agreement to acquire Argentea S.r.l. from GPI S.p.A. (BIT:GPI) for approximately ?105 million on March 15, 2024. The consideration for the sale of 100% of Argentea S.r.l., to be paid in full in cash at closing, has been agreed upon at approximately ?99 million, based on an equity value of Argentea S.r.l. of approximately ?105 million. An earn-out clause is also provided for, whereby the buyer undertakes to pay Gpi S.p.A. an additional amount of ?6 million, on the sole condition that Argentea S.r.l.'s FY 2024 EBITDA, to be calculated in continuity with previous management criteria, is at least equal to that of FY 2023.

In FY 2023, Argentea S.r.l. reported production value of ?16.3 million and EBITDA of ?6.9 million. This transaction is expected to be completed by end of March 2024. Intermonte acted as financial advisor to Zucchetti Hospitality S.R.L. Equita acted as financial advisor, EY-Parthenon as industrial advisor and Studio Legale Pavia e Ansaldo acted as legal advisor to GPI S.p.A. (BIT:GPI).