51% of Palakiss Goes to Italian Exhibition Group

Italian Exhibition Group S.p.A., a leading company in Italy in the organization of international trade fair events and listed on Euronext Milan, a regulated market organized and managed by Borsa Italiana S.p.A., has signed an agreement for the acquisition of 51% of the capital of the company Palakiss S.r.l, internationally known goldsmith center, located in Vicenza a few steps from the city's exhibition district. Palakiss has organized four annual events since 1999 in which Italian and international manufacturing companies participate, offering them the opportunity to sell their gold and silver products on the spot. The purpose of the operation is the purchase by IEG of 51% of the share capital of the company Palakiss S.r.l for a consideration of approximately 1.0 million euros.

Corrado Peraboni, CEO of Italian Exhibition Group, declared: «The operation represents a further step in the strategy defined by the Group in increasing and enriching the IEG product portfolio. The acquisition constitutes, in fact, an opportunity to strengthen the sectoral specialization of the goldsmith industry that we serve and contribute to supporting in order to create continuous business opportunities".

«The acquisition will allow IEG to expand its offering in the Jewelery & Fashion sector - announced Marco Carniello, Chief Business Officer of the Italian Exhibition Group - creating interesting synergies with the main events already consolidated within IEG's product portfolio, such as Vicenzaoro, T.Gold and Oroarezzo. Under shared and unified management, the international operator visiting Vicenza will be able to access an even wider range of products and services related to the world of jewelery and will have a single interlocutor capable of guaranteeing the best business experience». «The possibility of working together with IEG with integrated and synergistic logics - says Andrea Marcon who will remain CEO of Palakiss also in this new phase - will allow Palakiss to grow even further, adding new skills and investment capacity to the consolidated experience in the sector and to the recognized care in managing customers in our structure». The purpose of the operation is the purchase by Italian Exhibition Group of 51% of the share capital of the company Palakiss S.r.l for a consideration of approximately 1.0 million euros.

The acquisition also includes a call option for the purchase of the remaining 49% of the share capital, exercisable 30 days after the approval of the 2024 financial statements and valid for the following 3 years, at a price to be determined on the basis of the Average EBITDA resulting from the two financial statements approved prior to the option exercise date. The closing, subject to the conditions precedent set out in the purchase contract, will be completed at a later date.The acquisition will be financed through its own resources.