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Azimut Holding SpA Completes Acquisition of 55% of Athenaeum Ltd

Friday, 25 Oct 2013 11:34am EDT 

Azimut Holding SpA announced that through its Luxembourg holding company AZ International Holdings SA, has completed on October 25, 2013 the purchase of 55% of Athenaeum Ltd. As it was announced on October 2, 2013, Athenaeum is a Singapore independent asset management company with USD 31 million under management (equivalent to almost EUR 22.4 million - based on a SGD/EUR exchange rate of 1.726/1) as at September 30, 2013. The transaction contemplates the subscription of a capital increase (for a counter value of around EUR 1.5 million) to finance the business plan. The agreement provides for call/put option rights and the commitment of the current management to cooperate with Azimut to grow the business in Singapore over the medium-long term. 

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