January 21, 2020 / 1:15 PM / a month ago

Peninsula makes binding offer for 23% share in Illy Group: sources

FILE PHOTO: An Illy Caffee logo is seen in a coffee shop in Rome, Italy, May 3, 2016. REUTERS/Alessandro Bianchi

MILAN (Reuters) - Private equity firm Peninsula has made a binding offer to buy 23% of Illy Group, the holding company that owns both premium coffee maker Illycaffe and the non-coffee businesses of the Illy family, two sources with knowledge of the matter said.

Peninsula is interested in the 23% stake in the hands of Francesco Illy but needs to get the approval of the other family members, who own the remaining 77% of the group, to finalize the deal, the sources said.

The deal would give an equity value of more than 1 billion euros to Illy Group, one of the sources said.

In a statement issued on Tuesday, Andrea Illy, Francesco’s brother, speaking on behalf of the family, said he declined to comment on the issue.

Reporting by Elisa Anzolin and Stephen Jewkes, writing by Francesca Landini, editing by Giulia Segreti

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