Hyster-Yale Materials Handling will acquire 100 per cent of Penta Holding S.p.A’s majority share hold (50.4 per cent) of manufacturer Bolzoni S.p.A for €53,485,837.
The purchase will be made via an indirect, wholly owned subsidiary.
The purchase price is not subject to any “upward adjustment” – and will be bought for €4.30 per share.
The transaction is expected to be completed during the second quarter of 2016, but is subject to customary closing conditions – including clearance by the German antitrust authority.
“Bolzoni has been investing in capacity expansion, and we see an opportunity to leverage this by absorbing Bolzoni’s unused capacity,” said Colin Wilson, president and CEO of Hyster-Yale Group. “Bolzoni’s historical strength is in Europe, which has growth opportunities, but Bolzoni has also been expanding in the Americas and has a presence in China, where we want to expand.”
Hyster-Yale said that following the closing of the transaction it will, through an indirect wholly owned subsidiary, ‘launch a mandatory tender offer for all of the outstanding shares of Bolzoni S.p.A at the price in cash of €4.30 per share’
“Bolzoni and Hyster-Yale have had a strong relationship over many years,” said Roberto Scotti, Bolzoni’s current CEO.”| This acquisition provides exciting opportunities for Bolzoni to expand its global reach while increasing its depth of penetration in certain markets.”