Cir at a fast pace with Kos reorganisation, also good for subsidiary Sogefi

(Il Sole 24 Ore Radiocor) - The new step in the reorganisation of the De Benedetti galaxy rewards Cir at Piazza Affari, where the holding company's shares have gained almost nine points. On November 19, at market close, Cir announced a binding agreement with F2i to buy the 40.23% stake in Kos held by F2i Healthcare. Cir will thus regain full control of the Italian healthcare group, which operates more than 170 facilities in Italy and Germany, including the 'Anni Azzurri' residences for the elderly.

F2i had entered the capital in 2016. The consideration for the shares purchased is 220 million and prior to the closing an extraordinary distribution of reserves by Kos is planned for 24.86 million, of which 10 million pertains to F2i and the remainder to Cir. The transaction will be financed with part of the available liquidity, which at the end of June amounted to 363.3 million. "This is a further step towards the transformation" of Cir "from a holding company to a pure senior housing company, which we have been talking about since 2020 (a process then delayed due to the Covid crisis)," Equita analysts commented. The experts calculate that Kos' weight on the Nav will rise to 59% from 37%, while that of cash will fall to 15% from 36%.

"To complete the transformation", the experts believe that "Sogefi's remaining business in the medium term can also be sold once the suspension business has been definitively disposed of to allow for proper valuation (in light of the sale of the filters division in 2024)". At market prices, Equita recalls, the 59.6% stake in Sogefi represents 24% of Nav. At Piazza Affari, the prospect of possible extraordinary transactions coming for Sogefi also supports the shares of the car components company, which in turn rise 5.65% to €3.27.