FAE TECHNOLOGY S.P.A. (Alliance News) - FAE Technology Spa announced Thursday that it has completed the acquisition of the entire share capital of Elettronica GF Srl for EUR3.2 million.
Elettronica GF is im key player in the supply of proprietary microprocessor-based electronic systems such as panel PCs, SOMs and Singol Board Computers for various application areas. The group estimates to exceed EUR80 million in total revenues in 2024, establishing itself as a major player in the electronics sector for the Italian and European markets.
Through the deal, FAE Technology enhances its expertise in the development and engineering of highly complex proprietary electronic solutions, expanding its offering and diversifying its customer portfolio.
Gianmarco Lanza, president and chief executive officer of FAE Technology, said, "I express great satisfaction for the start of the common path with Elettronica GF, which is also accompanied by the entry of Gian Franco Argnani, whom I thank for his trust, into the FAE Technology corporate structure. This step represents a really important moment for our growth as it opens us to new and exciting opportunities."
"The rapid integration between our teams and the synergies we have identified and are initiating will allow us both to complete and enhance our application spectrum in electronics and to maximize our market offering, creating value in the medium to long term thanks to the technological assets at our disposal."
The acquisition agreement called for Argnani to subscribe to a EUR2.1 million reserved capital increase in FAE, to be executed through the purchase of 1.1 million ordinary shares, at EUR2.00 each.
As of today, Gianmarco Lanza will assume the position of president and CEO of Elettronica GF while Gian Franco Argnani will serve as technical manager of the acquired company.
FAE Technology's stock is trading at EUR2.35 per share.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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