Fagerhult has taken over iGuzzini
As we already reported on October 16, 2018, Fagerhult has now taken over the Italian iGuzzini Illuminazione for around...........
385 m EUR at the end of the year. This will create one of the largest lighting companies in Europe with a consolidated annual net turnover of more than 8,000 m SEK (780 m EUR).
As already announced, Adolfo Guzzini (president of iGuzzini) and Andrea Sasso (managing director of iGuzzini), in addition to their current management responsibilities within iGuzzini, will take on key functions in Fagerhult's top management.
The terms: Fagerhult is to acquire iGuzzini on a cash and debt free basis for 385 m EUR. 26% will be paid in new Fagerhult shares issued to current iGuzzini shareholders, 74% will be paid in cash through new and existing credit facilities and a bridging loan.
The transaction is expected to close in the first quarter of 2019.