(Alliance News) - Mittel Spa on Wednesday announced that it has finalized the sale of its entire 60% majority stake in the share capital of Zaffiro Srl group for a consideration of EUR42 million.

The transaction was finalized by sale to Sarafin Spa and funds named "Eurizon Iter" as well as "Eurizon Iter Eltif" managed by Eurizon Capital SGR Spa.

The sale transaction will result for Mittel in the recognition on the separate financial statements of a gross capital gain of EUR28.5 million and the recognition on the consolidated financial statements of a positive income impact pertaining to the group estimated at approximately EUR45.6 million.

At the same time, Mittel collected from the Zaffiro group an amount of EUR26.6 million by way of repayment of principal and interest on shareholder loans previously granted to it for a principal amount of EUR25 million.

The overall transaction, therefore, results in the receipt of financial resources in the amount of EUR68.6 million, in addition to the elimination at the consolidated balance sheet level of the extremely significant negative contribution of the Sapphire group's Net Financial Position of EUR271.5 million as of December 31, 2022. Therefore, the overall positive impact on the Accounting Consolidated Net Financial Position can be estimated at EUR340.1 million.

Mittel trades up 7.60 percent EUR1.42 per share.

By Claudia Cavaliere, Alliance News reporter

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