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SAVE SpA And Lagardere SCA Sign Partnership Agreement On Airest SpA

Thursday, 19 Sep 2013 12:14pm EDT 

SAVE SpA And Lagardere SCA announced the establishing of an industrial partnership and business combination concerning Airest aimed at creating synergies and developing the Group's brands over the world. Under the terms of the binding agreement, SAVE will transfer 50% of Airest's share capital for an amount based on the expected consolidated results and adjusted net financial position of the company at the end of 2013. The acquisition agreement, subject to the authorization of competent regulatory authorities, includes a reorganization of Airest Group through a de-merger of all Italian and International Activities, other than the Venice Airport System activities, which will be transferred to a newly incorporated joint stock company ("Newco"). After de-merger, both Airest and Newco will be jointly owned by SAVE and by Lagardere Services (50/50). 

Company Quote

0.09 +0.32%
4:11am EDT