Fagerhult signs a Letter of Intent to acquire iGuzzini
AB Fagerhult (publ) (“Fagerhult”) has today signed a Letter of Intent (LOI) with the shareholders of iGuzzini illuminazione S.p.A (“iGuzzini”) to acquire 100% of the shares of iGuzzini.
Based on this LOI, Fagerhult has exclusivity to conduct a customary due diligence and is targeting signing a Share Purchase Agreement before the end of 2018. The finalising of the transaction will be subject to Fagerhult board approval and any anti-competition approvals that may be required. The transaction will be funded from a combination of debt finance and a new rights issue in Fagerhult shares.
Upon finalising the transaction, the Sellers (the Guzzini family through the legal entity Fimag S.p.A and Tipo TIP – PreIPO S.p.A) will receive a significant portion of the consideration in Fagerhult shares with the aim of becoming shareholders of the combined entity. Adolfo Guzzini (President of iGuzzini) and Andrea Sasso (CEO of iGuzzini) - in addition to remaining in their respective executive roles within iGuzzini - will assume important roles in the top management of Fagerhult.
The addition of iGuzzini will significantly strengthen the Fagerhult Group’s position in the professional lighting market both in terms of the geographic presence and by adding leading complementary product ranges. iGuzzini is a very well-known and respected professional lighting brand with a high brand awareness particularly amongst specifiers. The company designs, manufactures and markets professional lighting solutions for both the indoor and outdoor application areas. Founded in 1959 the company is based in Recanati, Italy. In the financial year ending December 2017, the company had 1,300 employees, and sales of approximately 230 MEUR.
More information on iGuzzini is available at www.iguzzini.com
This information is inside information that AB Fagerhult (publ) is obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, through the agency of the contact persons set out below, at 15.30 CET on October 15, 2018.
Habo October 15, 2018
Disclosures may be submitted by
Bodil Sonesson CEO, mobile: +46 72223 7602 e-mail: firstname.lastname@example.org
Michael Wood CFO, mobile: +46 73 087 46 47 e-mail: email@example.com
Fagerhult is one of Europe’s leading lighting groups with approximately 3,450 employees and operations in more than 25 countries. We create modern products and exciting, energy-efficient and environmentally-adapted lighting installations, successfully integrated into their individual environments. The Group includes such strong brands as Fagerhult, Ateljé Lyktan, LTS, Whitecroft Lighting, Designplan Lighting, Eagle Lighting, I-Valo, Arlight, Lighting Innovation, LED Linear, WE-EF and Veko. AB Fagerhult is listed on the Nasdaq Nordic Exchange in Stockholm.