Technological company and special purpose acquisitions company (SPAC) agree to €70 million merger
Two Italian-based companies; Antares Vision and ALP.I, will be merging in an agreement announced on December 9, 2018.
As part of the agreement ALP.I will invest €70 million, receiving approximately a 12% stake in Antares, the technological providers. The SPAC said this is to “sustain and accelerate the path of strong growth undertaken by Antares Vision”.
€50m of the investment will go directly to Antares, whilst the other €20m will be allocated to buying out Regolo, its’ controlling shareholder.
Antares said it intends to use the liquidity to “look carefully at possible acquisition opportunities which are available due to the high degree of market fragmentation.”
Antares provides technology to the pharmaceutical sector. Involved in the design, realisation, and implementation of traceability solutions; hardware and software. This is a growing niche market, however, Antares believes the tracking solutions will extend to other non-pharmaceutical industrial sectors in the future.
Commenting on the news, Emidio Zorzella, Chairman of the Board of Directors and CEO of Antares Vision, said: “We believe strongly in our business mission, and with this merger, we are confident we can improve our appeal and our positioning on the market.”
Echoing this, Robert Marsella, Chairman of the Board of Directors of ALP.I, said: “We believe Antares Vision is an ideal candidate for a successful IPO, in line with the best listings seen in recent years, on the back of the management’s clear strategic vision and solid global competitive positioning in a strongly expanding niche technology segment.”