Signed a preliminary binding agreement with GIL Capital Ltd for the sale of the EPC business unit

Signed a preliminary binding agreement with GIL Capital Ltd for the sale of the EPC business unit

2018-09-17T15:46:06+00:0017.09.2018|News, Press Release|
  • The establishment of the newco “TerniEnergia Progetti” is planned to ensure business continuity and the safeguarding of n. 7 employees
  • Consideration of the operation equal to Euro 0.5 million

 

TerniEnergia, smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, and GIL Capital Ltd, following what was communicated on May 25, 2018 and June 27, 2018, have signed today a preliminary agreement of binding nature for the acquisition by GIL Capital of a Newco called “TerniEnergia Progetti” which will include the branch of the PV EPC business (engineering, procurement, construction and commissioning) of TerniEnergia. The total consideration for the acquisition of 100% of the share capital of the Newco “TerniEnergia Progetti” by GIL Capital is equal to Euro 0.5 million. The payment will be made on the closing date of the transaction, which the Parties have undertaken to achieve during the first ten working days of the first month after the month during which the technical-contractual conditions to closing, which are typical of this type of operation, are achieved along with the approval of the transaction by the Trade Unions.

The agreement will ensure the continuity of the photovoltaic EPC business under a brand that is strongly established in the industry. The branch of the PV EPC business will continue operating from the existing office located in the industrial area of Nera Montoro (TR) guaranteeing the employment of 7 highly qualified technical employees of TerniEnergia. In fact, the Newco will absorb assets represented by highly professional employees, intellectual property rights and quality certifications, engineering and design capabilties, equipment and software relating to the activities carried out in the photovoltaic sector in Italy and abroad, with the exception of the construction contract of a photovoltaic plant in Tunisia.

It should be noted that the agreement concerns a reduced scope of business compared to what was envisaged in the letter of intent communicated on 25 May 2018, which was terminated by GIL Capital on 27 June 2018 in consideration of the fact that some of the conditions precedents envisaged have not been met.

The GIL Capital group was established in 2012 by the management buy-out of the British Greenray Holding group, which has been operating in the industrial maintenance sector for conventional thermoelectric plants since 1981. GIL Capital is owned and managed by Dr. Leonardo Montesi who has more than 30 years of professional experience in the plant engineering sector and 25 years as board member of large international companies in the sector.

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Hi, this may be interesting you: Signed a preliminary binding agreement with GIL Capital Ltd for the sale of the EPC business unit! This is the link: https://www.ternienergia.com/en/signed-a-preliminary-binding-agreement-with-gil-capital-ltd-for-the-sale-of-the-epc-business-unit/

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