Italy's Pirelli Real Estate and Intesa Sanpaolo have sold their stakes in Pirelli RE Integrated Facility Management (PREIFM), a 50/50 joint venture in facility and project management, to the Italian group Manutencoop FM. The companies signed a preliminary agreement in early November 2008. Pirelli RE and Intesa said they have agreed on a sale price of EUR 270 mln, of which EUR 137.5 mln is in equity.
Italy's Pirelli Real Estate and Intesa Sanpaolo have sold their stakes in Pirelli RE Integrated Facility Management (PREIFM), a 50/50 joint venture in facility and project management, to the Italian group Manutencoop FM. The companies signed a preliminary agreement in early November 2008. Pirelli RE and Intesa said they have agreed on a sale price of EUR 270 mln, of which EUR 137.5 mln is in equity.
Pirelli RE expects the sale will have a positive impact on its financial results of approximately EUR 90 mln. Banca IMI and Banca Leonardo acted as financial advisors for the transaction while Chiomenti Studio Legale acted as the legal advisor.
'The integration of Manutencoop FM and PREIFM will create one of Europe's most important players in facility management', Pirelli RE said in a statement.
Last year PREIFM posted revenues of EUR 485 mln and an adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) of EUR 31 mln. The company serves major clients including Albacom, Beni Stabili, BNL, Deutsche Bank, the Fiat Group, Galbani, Allianz, Telecom Italia, Vodafone and Wind, in addition to the real estate companies and funds invested in and managed by Pirelli RE. Recently, PREIFM also acquired a 25% stake in HDSFM, a facility management operator active in the tourism-hospitality business.
