Bialetti passes to the Chinese, agreement with Nuo Capital

Luxembourg-based Nuo Capital, which is headed by Chinese tycoon Stephen Cheng, has finalised the signing of a sale and purchase agreement for the purchase of 78.567% of Bialetti's shares. Subsequently, the takeover bid will be launched for the subsequent delisting from the Milan Stock Exchange.

A first agreement was reached by Nuo Capital with Bialetti Investimenti and Bialetti Holding for the purchase of 59.002%, for a consideration of 47,334,000. A second purchase agreement was entered into with Sculptor Ristretto Investment, for the purchase of approximately 19.565% for a total consideration of Euro 5,731,000.

The sale and purchase agreements therefore provide that Nuo Octagon, also through another company directly or indirectly controlled and designated by the same as purchaser, will purchase from the sellers a total stake of 78.567% of Bialetti's share capital. The closing is expected by the end of June 2025. Subsequently, it will promote a total takeover bid on the shares of Bialetti listed on Piazza Affari, with a price of no less than €0.467 per share. Following the closing of the tender offer, the buyer intends to pursue the delisting of the Bialetti shares.

The sale is part of a broader transaction related to the refinancing of Bialetti's indebtedness subject to the debt restructuring agreement. In particular, it is expected that the refinancing of Bialetti's existing indebtedness subject to the restructuring agreement. There will be a junior loan for a maximum amount of EUR 30 million, to be granted by Unlimited Bank and Amco Asset Management Company and a senior loan, for a maximum amount of EUR 45 million, to be granted by Banco Bpm together with Bper and Banca Ifis. Equity injections by Nuo Octagon for at least EUR 49.5 million are also planned, which will significantly reduce debt.