• The offer relates to 66% of the share capital of the BiOlevano Srl subsidiary, owner of the plant
  • The transaction is expected to generate a total cash flow for the Group of  about €80 MN

Milan, 5 February 2015Maire Tecnimont S.p.A. announces that it has received a binding offer for the purchase of 66% of the share capital of BiOlevano S.r.l. (BiOlevano), owner of the biomass power plant located in Olevano Lomellina. The offer was presented by a pool of Italian entrepreneurs, coordinated by Mr. Giuseppe Cornetto Bourlot, President of Fenice as controlling shareholder of Prelios S.p.A., Senior Advisor to Schroders, and President of the news agency AskaNews. Maire Tecnimont’s Board of Directors decided to exclusively proceed with the finalization of the sale.

The transaction, which is expected to generate an overall cash-in equal to approximately €80 million, includes: a cash-in at the time of closing equal to approximately €56 million, including the repayment of trade receivables pertaining to some subsidiaries of Maire Tecnimont Group; €6 million to be paid within 3 years fom the closing date, as well as an additional €18 million subject to the fulfillment of certain conditions.

The closing is subject to, among other conditions, the disbursement of a non recourse project financing to BiOlevano - currently in the structuring phase – by a pool of leading Italian banks. The disbursement of the financing will enable BIOlevano  to pay all intra-group debts owed to some companies of Maire Tecnimont Group.

The transaction is subject to certain internal procedures, as well as to other typical conditions precedent.

Closing is expected by 31 March 2015.

For Maire Tecnimont this transaction represents an important step forward in the disposal plan already announced to the market.

As far as the buyers are concerned, this transaction is part of a strategic project aimed at implementing a renewable energies’ hub in order to aggregate and consolidate initiatives already under way in the sector. Maire Tecnimont provides its contribution as technical partner, keeping a minority stake in the BiOlevano plant.

Maire Tecnimont S.p.A.

Maire Tecnimont S.p.A. is a company listed with the Milan stock exchange. It heads an industrial group (the Maire Tecnimont Group) that leads the international Engineering & Construction (E&C), Technology & Licensing and Energy Business Development & Ventures markets, with specific competences in plants, particularly in the hydrocarbons segment (Oil & Gas, Petrochemicals and Fertilisers), as well as in Power Generation and Infrastructures. The Maire Tecnimont Group operates in approximately 30 different countries, numbering around 45 operative companies and a workforce of about 4,300 employees, of whom over half work abroad. For more information: www.mairetecnimont.com.

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