DGAP-News Mutares signed Heads of Agreement to sell its 80% share in Nexive Group
DGAP-News: Mutares SE & Co. KGaA / Key word(s): Letter of Intent
Mutares signed Heads of Agreement to sell its 80% share in Nexive Group
- Potential sale to Poste Italiane seen as unique opportunity under national COVID-19 measures in Italy
- Potential sale will support distribution of performance dividend
- Nexive is No. 2 in the Italian postal service and parcel market
Munich/Milan, 16 November 2020 - Mutares SE & Co. KGaA (ISIN: DE000A2NB650) has signed a Heads of Agreement for the sale of its 80% share of Nexive Group S.r.l., headquartered in Milan, to Poste Italiane S.p.A.
The Nexive business was acquired in July 2020 from PostNL, who still holds the minority share of 20% in the entity that acquired the Nexive business. Following strong COVID-19 impact, Nexive has been on a strong recovery path since the second half of 2020. After four months, first key successful turnaround measures were implemented, and the partner-network was sustainably strengthened.
The enforcement of Article 75 of Law Decree August 14th, 2020, no.104, which bears urgent measures to support and revitalize the Italian economy, enabled Poste Italiane to set forth its acquisition and consolidation plans for the Italian postal and parcel service. Significant economies of scale are expected from the consolidation of the businesses.
Robin Laik comments: "The acquisition by Poste Italiane makes perfect sense and it is the best possible new owner for Nexive. We went through a short but very successful restructuring exercise so far which the new owner will continue in order to grow the business. I am happy that this transaction has also the potential to let predominantly our shareholders participate in our success."
The closing of the transaction is pending on further due diligence and relevant conditions and is expected by latest January 2021. The transaction is expected to have a relevant positive impact on the Mutares Holding Results.