(Alliance News) - Ilpra Spa announced Thursday that its board of directors has approved the acquisition of the remaining 76.67 percent of the share capital of Ilpra System Espana SL, giving CEO Maurizio Bertocco the powers to proceed with the transaction.

The company announced that the transaction will take place through a capital increase, subscribed by waiver and related contribution of the trade receivable claimed by the company as of December 31, amounting to EUR2.1 million.

In addition, the company informs that the shareholder Ilpra Group Srl will not subscribe to the capital increase and therefore will not receive any proceeds against 76.67 percent of the capital held to date.

Maurizio Bertocco, president and CEO of Ilpra, commented, "The acquisition of 100 percent of Ilpra System Espana, will allow us to reduce the management costs of the Iberian structure, shorten the decision-making chain, and leave a direct presence in the Spanish market, which is strategic for our group as it is very similar to the Italian market."

The transaction is expected to close by the end of July 2024.

Ilpra is flat at EUR4.90 per share.

By Claudia Cavaliere, Alliance News reporter

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