Italy’s Prima Industrie said that Femto Technologies had agreed to buy a majority stake and eventually delist the laser systems producer in a deal worth around 129 million euros ($131.21 million).
The transaction is just the latest in a string of deals that has seen several companies deciding to leave Milan’s bourse, including luxury shoemaker Tod’s, looking for more flexibility to focus on growth without market scrutiny.
Femto Technologies, controlled by Alpha Private Equity and Peninsula funds, had already submitted non-binding expressions of interest to buy Prima Industrie at 25 euros per share last month.
After buying an initial 50.1% stake in the company, Femto is set to launch a mandatory takeover bid on the remaining shareholders at the same price.
Prima Industrie, which manufactures laser machines for the processing of two- and three-dimensional components, said some of the selling shareholders would reinvest in the company and continue to be minority investors.
Closing of the deal is expected towards the end of the year.
By around 0910 GMT, the stock was up 10.1% at 24.5 euros, nearing the 25 euros bid price and outperforming a 0.4% rise in Milan’s all-share index.
