Final agreement between Tiscali and Air group led by the ex CEO Telecom, Richard Ruggiero, to integrate the activities of the two companies "by the end of 2015". This was communicated in a note by Tiscali whose board of directors approved the definitive merger agreement. The operation will take place through the incorporation into Tiscali of a newco which will own the entire share capital of Aria (with 5 million in bank debt and a convertible loan of 15 million repayable on expiry in newly issued Tiscali shares) and a position cash of approximately 42 million, contributed by a fund headed by the Russian holding Otkritie, to service the repayment of a senior Tiscali loan maturing in November.
At the end of the merger, the Russian investor (already a shareholder of Aria through Ict) will become owner of 40,8% of the new group between direct and indirect shares. Otkritie is a holding company active in financial services led by Vadim Belyaev who is also the first shareholder. Based on Tiscali's valuation of the average price of the last six months (about 6 cents) the the total value of the transaction is approximately 77 million euro; net of the contribution of new cash this is equivalent to a value of 34,5 million for the entire share capital of Aria. Renato Soru will be the executive chairman of the new Tiscali, Ruggiero will be the CEO.
After the news the title Tiscali gains almost 20% in Piazza Affari, where in the closing of negotiations it is valid €0,0647 per share.
