Rome, 19 June 2024 22:27
Leonardo announces today the signing of an agreement to sell its stake in Industria Italiana Autobus (“IIA”) to Seri Industrial S.p.A. (“Seri”)
Seri Industrial will acquire 98% of the share capital, while the residual 2% will continue to be held by Invitalia, which will remain as shareholder in Industria Italiana Autobus after the exit of Leonardo.
“The disposal of Industria Italiana Autobus is part of our plan to razionalize Leonardo’s participations portfolio and to focus on our core business, in line with the Industrial Plan.” Roberto Cingolani, CEO and MG of Leonardo, stated.
The new partner was identified through an M&A process started in 2022 involving a large number of potential industrial and financial investors, both Italian and international, with KMPG and Legance acting as external advisors. The process was aimed at selecting suitable investors to sustain the company's industrial growth also by supporting its financial needs, while ensuring the best economic terms and conditions for the current shareholders’ exit.
In this context, after an accurate due-diligence, Seri was the sole bidder submitting an offer with certainty of execution in a timely manner to grant business continuity and growth, also through the implementation of an industrial plan focused on the transition towards green mobility. Furthermore, Seri has declared its intention to consider possible future partnerships with leading international players in the relevant business aimed at innovating and increasing production as well as further pursuing export opportunities. In this framework, specific rights will be attributed to Invitalia, as a minority shareholder in IIA, to oversee the business plan implementation.