TIP – Tamburi Investment Partners SpA (TIP.MI) announced that it has successfully completed the sale of 3,5 million Amplifon SpA shares, corresponding to 1,55% of the share capital and 1,06% of the voting rights (existing prior to the transaction), for a total value of 42 million euros, gross of charges and commissions. At the same time, Ampliter NV (“Ampliter”), parent company of Amplifon SpA, successfully completed the sale of 5,5 million Amplifon SpA shares, corresponding to 2,43% of the share capital and 2,64% of the voting rights (existing prior to the operation).
"With this transaction - specifies the company's press release - TIP achieves a pre-tax capital gain (in pex) of over 29 million euros".
The transaction, continues the note, was finalized at a price of 12 euro per Amplifon share and will be settled through delivery of the shares and payment of the consideration on 16 June 2017.
The sale of the shares took place through an Accelerated Bookbuilding (ABB) procedure reserved for qualified investors in Italy and abroad (with the exclusion of any country or jurisdiction in which the offer or sale of the shares being offered is prohibited pursuant to the law or in the absence of exemptions).
In the transaction TIP was supported by Morgan Stanley and UniCredit Bank AG, Milan (in collaboration with Kepler Cheuvreux) as Joint Bookrunner.
As part of the transaction, and in line with market practice, TIP and Ampliter have each undertaken a lock-up commitment for a period of 180 days on the remaining shares of the Joint Bookrunners for a period of XNUMX days held (apart from Ampliter's right to pledge Amplifon shares to guarantee the medium-term refinancing of the portion of its short-term debt not repaid with the proceeds from the transaction).
As already communicated, this transfer is part of a wider one medium-term partnership transaction with the investment by TIP (or by Asset Italia SpA, an associated company of TIP) in Ampliter for an amount equal to euro 50 million therefore significantly higher than the amount received at the ABB that has just ended.
However, TIP also maintains a significant direct stake in Amplifon, corresponding to 2,67% of the share capital and 1,84% of the voting rights (existing after the finalization of the transaction).
