Sunny day in Piazza Affari for the title Amplifon, which in the middle of the morning gains 2,8%, to 39,14 euros, making a mark the best rise in Piazza Affari. In the same minutes, the Ftse Mib travels just above parity.
The announcement of a takeover triggered the wave of purchases on Amplifon shares. The Italian company bought Bay Audio Pty, a company active in the retail market in Australia "with a network of over 100 points of sale in premium and high-traffic shopping centers on the east coast of the country", explains the press release.
The cash out amounts to 550 million Australian dollars, approximately 340 million euros, on a cash and debt free basis. On May 31, Bay Audio closed the year with a turnover of 100 million Australian dollars (63 million euros) and a recurring ebitda of over 30 million Australian dollars (about 20 million euros). In the five-year period 2016-21 the average annual increase in revenues was over 20%.
The operation is particularly appreciated by the market above all because, according to Amplifon, at Ebitda level and starting from 2023 the annual synergies will reach 8 million Australian dollars (5 million euro).
“This acquisition will allow us to further strengthen our position in the Australian market, the tenth in the world – he commented Henry Life, CEO of Amplifon – The combination with Bay Audio's innovative and complementary business model, its premium positioning and financial profile characterized by strong growth and profitability will allow us to create formidable new opportunities to grow and generate value for all our stakeholders".
The transaction will be financed with available cash and completion is expected by the end of the year, subject to the go-ahead from the Antitrust and the Foreign Investment Review Board in Australia.
Amplifon is assisted by Goldman Sachs International (M&A advisor), MinterEllison (legal advisor) and E&Y Advisory (financial and tax due diligence).
Bay Audio was advised by UBS (M&A advisor), Watson Mangioni (legal) and Deloitte (financial and tax due diligence).
