Avio: Advent funds acquire a 7 per cent stake through a reserved rights issue of 109.4 million

Shares issued at €33.40 per share, with a 12-month lock-up period

(Il Sole 24 Ore Radiocor) - Advent funds have acquired a 7 per cent minority stake in Avio. According to a press release, the board of directors of the space launch vehicle company has signed an agreement with the private equity firm to support “Avio’s long-term growth in Italia and its expansion plans in the United States”. The investment will take place through the subscription to a reserved capital increase equivalent to 7 per cent of Avio’s share capital. The transaction, which will be approved by the board of directors in accordance with the authorisation already approved by the shareholders’ meeting in October, involves the issue of

3,275,268 shares at a price of 33.40 euros per share, for a total maximum amount of 109.39 million. The issue price is equal to the closing price of Avio shares at yesterday’s trading session. According to the statement, Advent will pay the full amount in cash on the closing date.

The agreement will be subject to authorisation under Italian legislation governing ‘golden power’. Advent will be subject to a 12-month lock-up on its shareholding and, in the event of the voluntary resignation of a director of the company, the board of directors will consider co-opting a director nominated by the fund.

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