The new Spac of Alberto Minali (ex CEO Cattolica Assicurazioni) and Claudio Costamagna (ex Cdp) begins with the acquisition of 100% of Elba Assicurazioni. Revo, this is its name, was listed a couple of months ago on the AIM of Borsa Italiana and has already got its hands on the Milanese company, mainly active in the bond segment. The Special Purpose Acquisition Company of the Minali-Costamagna couple has therefore already found its target company, of which Revo underlines "the profitability and financial solidity". The operation, underlines a note, "will allow Revo to quickly develop its strategic plan, with the aim of becoming leader in Italy in the specialty lines business and reference insurtech operator in the field of parametric risks”.
In 2020, Elba recorded gross premiums of €68,3 million, with a net result of 13 million euros and a Solvency 2 ratio, as at 31 December 2020, equal to 243,3%. The consideration for the acquisition of 100% of the company was determined in 160 million euro in the event of fulfillment of the conditions precedent of the transaction by 30 September 2021 (otherwise €150 million increased by an amount based on the net result accrued from 31 December 2020 up to the date of completion of the transaction).
The transaction is subject to the approval of the same by the Revo shareholders' meeting, as well as to the obtaining of the authorizations by IVASS, with which the related procedure will be promptly started. Revo's BoD has convened theshareholders' meeting on August 4, 2021 in a single call for the approval of the business combination and set the price per share of the withdrawal, which is in any case conditional on the closing. Revo has also signed a strategic partnership agreement with Mangrove Blockchain Solution Srl which provides for the purchase of 10% of the share capital of the same.
