MILAN (Thomson Financial) - Italcementi SpA said its supply management
solutions unit BravoSolution has agreed to buy US company Verticalnet Inc in a
deal worth 15.2 mln usd including the assumption of Verticalnet outstanding
debt.
The deal will allow BravoSolution to extend its business to the US market
which is the world's largest eSourcing market, Italcementi said.
Under the deal, BravoSolution USA Inc will acquire all the ordinary shares
of Verticalnet at 2.56 usd per share, a 28 pct premium.
The two companies will then merge and the new company will be called
BravoSolution USA Inc.
The deal, which is subject to approval by Verticalnet shareholders and other
usual contractual conditions, is expected to close in the first quarter of 2008,
Italcementi said.
Italcementi said Verticalnet's debt and liquidity position has been
challenging for some time.
Within the next six months, Verticalnet is due to pay 5.3 mln usd in debt,
Italcementi said.
stephen.jewkes@thomson.com
sj/slm
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