Pirelli Buys Back 38.9% Share in Tyre Division

12th March 2008 | 0 Comments
 

Pirelli & C. SpA has confirmed that, on March 11, it reached an agreement to acquire the entire share capital of Speed SpA. Speed, a company held by the financial institutions Intesa Sanpaolo, Banca Leonardo Group, UniCredit, One Equity Partners, JP Morgan Group, Lehman Brothers and Mediobanca, has since August 2006 held a 38.9 per cent stake in Pirelli Tyre SpA, which it acquired for 740 million euros. The share was bought back for a cash payment of 434.4 million euros, a sum financed by available liquidity. The purchase price takes into account Speed’s debt of approximately 401.1 million euros. The transaction thus attributes the Pirelli Tyre shareholding, Speed’s sole asset, an equity value of 835.5 million euros.

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Pirelli Buys Back 38.9% Share in Tyre Division

12th March 2008 | 0 Comments
 

Pirelli & C. SpA has confirmed that, on March 11, it reached an agreement to acquire the entire share capital of Speed SpA. Speed, a company held by the financial institutions Intesa Sanpaolo, Banca Leonardo Group, UniCredit, One Equity Partners, JP Morgan Group, Lehman Brothers and Mediobanca, has since August 2006 held a 38.9 per cent stake in Pirelli Tyre SpA, which it acquired for 740 million euros. The share was bought back for a cash payment of 434.4 million euros, a sum financed by available liquidity. The purchase price takes into account Speed’s debt of approximately 401.1 million euros. The transaction thus attributes the Pirelli Tyre shareholding, Speed’s sole asset, an equity value of 835.5 million euros.

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Tags: , , , , , ,

Category: Product News

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