January 19, 2018 / 8:09 AM / 4 months ago

BRIEF-Cellularline To List On AIM Italia Via Business Combination With SPAC Crescita

Jan 19 (Reuters) - CRESCITA SPA:

* SAID ON THURSDAY IT SIGNED AN AGREEMENT FOR A BUSINESS COMBINATION WITH CELLULARLINE

* TO INCORPORATE GINETTA, SOLE SHAREHOLDERS OF CELLULAR ITALIA, AND CELLULAR ITALIA

* PENDING BUSINESS COMBINATION APPROVAL, CELLULAR GROUP WILL BE LISTED ON AIM ITALIA WITH A FREE FLOAT OF 63 PCT

* CELLULAR GROUP PRODUCES AND SELLS UNDER THE BRAND CELLULARLINE ACCESSORIES FOR SMARTPHONES AND TABLETS

* TO BUY 49.87 PCT STAKE IN GINETTA FOR EUR 80.0 MLN

* REMAINING LIQUIDITY OF CRESCITA, UP TO EUR 50.0 MLN, TO BE USED TO FINANCE DEVELOPMENT OF CELLULAR GROUP

* FOUNDERS, FUNDS AND SOME MANAGERS OF CELLULAR GROUP WILL KEEP 15 PCT, 13 PCT, AND 9 PCT, RESPECTIVELY, IN THE RESULTING LISTED COMPANY

* CELLULAR GROUP ENTERPRISE VALUE IS SET AT EUR 244.4 MLN, IMPLYING AN EQUITY VALUE OF EUR 160.4 MLN, TAKING INTO CONSIDERATION AN AGREED ADJUSTED NET DEBT OF EUR 84.0 MLN

Source text for Eikon:

Further company coverage: (Gdynia Newsroom)

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