(Alliance News) - ALA Spa announced on Monday that it had acquired an additional 40 percent of ALA Germany GmbH, a Hamburg-based company, thus coming to hold 100 percent of its share capital.

In March 2020, in fact, the ALA Group had acquired 60 percent of ALA Germany, and the agreement included a call option to purchase the remaining 40 percent of the share capital within five years of the acquisition.

ALA then exercised the option, acquiring the remaining 40% stake for a price of EUR450,000, paid to the seller from the IPO proceeds. The total investment for the 100% stake in ALA Germany is EUR750,000.

As of the close of the fiscal year on Dec. 31, 2022, ALA Germany had revenues of about EUR2.7 million, "reflecting its solid market share," the company explained in a note.

Roberto Tonna, managing director of the Ala Group, commented, "We believe that this transaction, which has enabled us to obtain a 100% stake in ALA Germany after a little more than three years from the purchase of the majority stake, can allow us to accelerate our presence in Europe, thanks both to a greater direct presence in Germany and to the possibility of having a strategic platform in the heart of the old continent to be able to operate in other countries."

"European growth," Tonna further specifies, "represents a fundamental lever for us to pursue with strong interest to increase market share. After the purchase of the first 60 percent of ALA Germany in March 2020, we had the opportunity to deepen our knowledge of the German market, identified a new, highly experienced general manager, and elaborated an ambitious business plan that included the opening of the new Hamburg office. We therefore felt it was the ideal time to complete the deal. We don't want to stop here, which is why we will continue to sound out the market, for possible further opportunities."

ALA's stock closed Friday at a par at EUR14.90 per share.

By Chiara Bruschi, Alliance News reporter

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