July 2016

have acquired a 100% stake in Grandi Stazioni Retail from Ferrovie dello Stato Italiane and Eurostazioni


16_Grandi stazioni – Antin Infrastructure Partners S.A.S., Borletti Group & ICAMAP S.à r.l.

Corporate Finance, Buyside Advisor
July 2016
Client Profile
DeLclima S.p.A. (“DeLclima” or the “Company”) headquartered in Treviso and founded in 2000 through the acquisition of Climaveneta and DL Radiators, is specialized in heating, ventilation, air conditioning and refrigeration. The Company mainly operates in 2 businesses: (a)  Indoor Climate Control and Refrigeration (ICC&R) solutions and (b) radiators.
Our Role
Leonardo & Co., in association with Houlihan Lokey, has rendered an opinion for the benefit of the Independent Directors of DeLclima BoD on the fairness of the Offer.
Transaction Snapshot
In the 23rd of December 2015, Mitsubishi Electric Corporation (the “Offeror”) launched a mandatory public purchase offer (the “Offer”) upon the entirety of DeLclima S.p.A.’s ordinary shares, in accordance with Article 106, paragraph 1, of Legislative Decree No. 58 of February 24, 1998.

The Offer concerns all of the Company’s ordinary shares that are not held directly or indirectly by the Offeror, therefore, 37.445.340 ordinary shares (as of the date of the Offer), representing 25.034% of DeLclima’s share capital.

The consideration proposed to be paid by the Offeror for each of the Company’s ordinary shares in the context of the Offer is Euro 4.5271, implying a premium of 21.2% with respect to the official price of the Company’s shares registered on the last trading day prior to the date of the Offer (premium of 91.2%). The Offeror’s total maximum outlay, in the event of full acceptance of the Offer, will total Euro 169,627,390.20.

Deal size: €953m Office: Italy