Mergers and Acquisitions / Milan / Print Media

Agnelli Family's Vehicle Exor Takes Over Gedi Media Company

Posted On: Dec 3, 2019   |   Posted By: WWD

MILAN - Italian media company Gedi Gruppo Editoriale SpA, which publishes newspapers La Repubblica, La Stampa and weekly magazine L'Espresso, among other titles, has found a new owner in holding company Exor N.V. controlled by the Agnelli family. Since 2017 Exor has been one of Gedi's minority shareholders, with a 5.99 percent interest in the company.
Late Monday night, Cir Compagnie Industriali Riunite SpA, the holding company controlled by the De Benedetti family, agreed to sell a 43.78 percent controlling stake in Gedi to Exor N.V. for 102.4 million euros, or 0.46 euros a share.
The transaction, which is expected to be completed in the first quarter of 2020, is subject to approval by the European Commission and AgCom, the regulator and competition authority for the communication industries in Italy.
Upon closing the deal Exor plans to tender an offer via a special purpose vehicle for part or all of the outstanding stock. Cir said it pledges to reinvest in the newly formed vehicle and secure a 5 percent...

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