(Alliance News) - Reway Group Spa announced Monday that it has exercised its call option on the remaining 30 percent of Gema Spa, among the leading operators active in the maintenance of infrastructure and civil works in the railway sector.

The call option was exercised through the use of a bank loan worth a total of EUR27 million, which will be used for EUR26.2 million as the price for the purchase of 30 percent of Gema and the remainder for transaction costs, namely referring to legal fees and bank commissions.

The financing is provided in equal parts, about EUR9 million by each of the three banks that had supported the acquisition of 70 percent of Gema: Crédit Agricole Italia, as agent bank, BNL BNP PARIBAS and UniCredit Spa.

"The transaction, which took place in advance of the announcement on March 19, allows to further accelerate the group's growth process in the rail maintenance sector," the company specified in a note.

The exercise of the call option will allow Reway Group to appoint all members of Gema's corporate bodies and will result in the identification of a new management team for the company shortly.

Reway Group's stock gives up 0.7 percent to EUR5.38 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

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