Technoglitch
Core Member
Mahindra group today announced it will acquire Italian automotive and industrial design firm Pininfarina for an overall outgo of over 50 million Euros (nearly Rs 370 crore) after months of negotiations.
The acquisition is being carried out through a special purpose vehicle (SPV) and two group firms Tech Mahindra and Mahindra & Mahindra (M&M) will own 60 percent and 40 percent, respectively, in the Turin-based firm.
"As part of the agreement, Tech Mahindra and M&M will purchase 76.06 percent of Pininfarina shares from the current controlling shareholders Pincar srL at a price of Euro 1.1 per share," Mahindra & Mahindra said in a BSE filing.
The company said the cost of acquiring 76.06 percent in Pininfarina by the SPV will be Euro 25.3 million, which would be funded by Tech Mahindra and M&M in the ratio of 60:40.
This will be followed by an open offer for the remaining 23.94 percent stake of Pininfarina at the same purchase price paid for the shares held by Pincar, it added.
M&M to buy Italy's Pininfarina via SPV for Rs 370 cr to strengthen group's design capabilities - Firstpost
The acquisition is being carried out through a special purpose vehicle (SPV) and two group firms Tech Mahindra and Mahindra & Mahindra (M&M) will own 60 percent and 40 percent, respectively, in the Turin-based firm.
"As part of the agreement, Tech Mahindra and M&M will purchase 76.06 percent of Pininfarina shares from the current controlling shareholders Pincar srL at a price of Euro 1.1 per share," Mahindra & Mahindra said in a BSE filing.
The company said the cost of acquiring 76.06 percent in Pininfarina by the SPV will be Euro 25.3 million, which would be funded by Tech Mahindra and M&M in the ratio of 60:40.
This will be followed by an open offer for the remaining 23.94 percent stake of Pininfarina at the same purchase price paid for the shares held by Pincar, it added.
M&M to buy Italy's Pininfarina via SPV for Rs 370 cr to strengthen group's design capabilities - Firstpost
