(Alliance News) - Reway Group Spa announced that it has signed an agreement to take over 70 percent of Se.Gi. Spa, among the leading operators active in the maintenance of inf rastructure and civil works in the railway sector.

Reway will obtain EUR47 million from a pool of banks while disbursing EUR64 million for 70 percent of Se.Gi.'s capital. For oepration purposes, there will also be an addition to the final price at closing by way of price adjustment, which corresponds to an amount equal to 100 percent of the actual net working capital as of the date of execution, estimated to be approximately EUR47 million.

The total value of the transaction, taking into account the estimated final price at closing and the price adjustment, is therefore approximately EUR111 million which will be paid, with regard to the final price at closing, for EUR47 million through recourse to bank financing and for EUR17 million through own resources, using in part the proceeds from the listing that took place in March.

With regard to the actual CCN, the payment of what is actually due to the sellers is contingent on the collection arising from specific receivables claimed by Se.Gi. and identified by mutual agreement between the parties.

Reway Group is flat at EUR3.84 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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