Investing.com – After months of negotiations and rumors, it is now official that DoValue (BIT:) has signed a binding agreement with Tiber Investments, a company affiliated with funds managed by Elliott, to acquire 100% of Gardant.
To close the operation, the Italian company that deals with the management and recovery of impaired loans had to shell out 230 million euros in cash (including 50 million euros relating to the refinancing of net financial debt), plus the issuance of new shares, at a premium to the current market value, corresponding to a 20% stake in doValue for Gardant shareholders.
For the financing of the acquisition and refinancing of the senior secured bonds maturing in 2025, doValue announced that it has obtained financing commitment paper for an amount of approximately 500 million euros.
Thus was born a leading company in Italy and Europe in the credit management sector. doValue and Gardant together expect to achieve consolidated revenues between 605 million and 625 million euros in 2026 and, in the same year, an EBITDA in the range between 240 million and 255 million euros. Additionally, the combined group’s net leverage is expected to be approximately 2.0x in 2025 and approximately 1.5x at the end of fiscal 2026.
Upon completion of the acquisition, expected during the 4th quarter of 2024, Elliott, as a long-term anchor shareholder, will have two representatives on the doValue Board of Directors.
“The presence of a strategic investor with a long-term investment horizon like Elliott will further support doValue’s growth ambitions, while facilitating Elliott’s access to servicing services in other strategic markets such as the Hellenic region and Spain. The management team of the combined Group will also include representatives of current Gardant executives,” explains doValue in the release.
“This acquisition marks a milestone for doValue, consolidating our position as a cutting-edge player in the credit management industry. We welcome the Gardant team to the Combined Group, a team with which we share objectives, ambitions and culture”, commented Manuela Franchi, CEO of doValue.
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