HORIZONS | BDO'S GLOBAL VIEWOF MID-MARKET DEAL ACTIVITY 23
LOOKING AHEAD
1.93x. The sellers are investment funds F2i SGR S.p.A. and Marguerite Adviser S.A. Another important deal took place November 2021 when Snam S.p.A. agreed to acquire 49.9% of Italy-Algeria gas pipeline assets from ENI S.p.A. The price consideration is estimated to be around USD. The acquisition, which is pending and is expected to be completed in Q3 2022, is subject to the fulfilment of approvals including mandatory authorisations pursuant to antitrust and ‘golden power’ regulations and from other competent regulatory authorities. In October 2021, Cosmo Pharmaceuticals NV, an Ireland-based pharmaceutical company focused on therapies for selected gastrointestinal diseases, acquired Cassiopea S.p.A., an Italy-based company specializing in differentiated medical dermatology products. The deal involved the acquisition of a majority share of 54.08%. Cosmo will issue 0.4670 shares for every one Cassiopea share. The implied equity value of the transaction is USD 240m on a 100% Enterprise Value of USD 435m and a 2020 EBITDA of USD 12.5m . Finally, another important deal in Q4 2021 was the acquisition of Perini Navi Group S.p.A. by The Italian Sea Group S.p.A., an Italian operator in the luxury yachting
industry. New Sail S.r.l., a subsidiary controlled 100% by The Italian Sea Group, won the auction held by the Lucca Court for the bankruptcy of Perini Navi S.p.A., at an overall price of USD 90m. The acquisition will be financed by reinvesting IPO proceeds and new bank funding lines. The auction included industrial and real estate assets, trademark and patents, share capital in Perini Navi USA Inc. and legal relationships with employees and third parties.
Looking ahead, the BDO Heat Chart predicts that Southern Europe may see 824 new deals, representing 8% of total potential global transactions. Industrial & Chemicals and Consumer are expected to lead the way in the foreseeable future with 178 deals each, accounting for 22% of the region’s future predicted deals. TMT is expected to account 141 deals (17% of the total) and Business Services’ predicted total is 99 (12%). Overall, these four sectors are expected to account for around 72% of all future deal numbers. Real Estate is expected to be the least active sector with 17 deals in the pipeline.
STEFANO VARIANO PARTNER
FOCUS ON ITALY: KEY DEALS AND SECTORS
The Italian market saw several transactions in Q4 2021 that are worth mentioning. In October, Irideos S.p.A, Information and Communications Technology centre and owner of a wide fibre optic network, received an offer fromUS-based private equity firmGrain Management LLC, which focuses on investments in global communications, for the transfer of a 100% stake. The consideration is estimated at USD 455m, with a revenue multiple of
stefano.variano@bdo.it
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