Govt OKs Ittierre and Ferre businesses sale

12 Nov '10

2 min read

The Ministry of Economic Development authorized the Extraordinary Commissioners of the IT Holding Group to accept the binding offer presented by Prodos Capital Management LLC and by Salmar Shipping Ltd for the purchase of the Ferré Business Unit, composed by Gianfranco Ferré S.p.A. in A.S., ITC S.p.A. in A.S. and Nuova Andrea Fashion S.p.A. in A.S., together with the foreign company Gianfranco Ferré UK Ltd.

The completion of the transaction is subject to the agreement with an industrial partner, whose corporate boards will meet shortly to deliberate on the deal, and to the agreements with Trade Unions.

Financial advisors to the Procedure were Mediobanca and Sin&rgetica. Bruno Law Firm and NGD Law Firm were legal advisors.

IT Holding S.p.A. under e.a.'s shares are listed on the Italian Stock Exchange (ISIN: IT0001165049 Reuters: ITH.MI Bloomberg: ITH IM). The Group is one of the leading players in the luxury goods sector and controls a group of companies that design, produce, and distribute high-quality products (ready-to-wear and accessories) under fully-owned brands – Gianfranco Ferré and ACHT – as well as under license agreements – Just Cavalli, C'N'C Costume National, Galliano and Ermanno Ermanno Scervino. IT Holding S.p.A. distributes its products through third-party stores and directly operated stores in major world capitals.

IT Holding Group

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