26_Dada S.p.A.

Technology • Media • Telecom
Fairness Opinion, Financial Advisor
December 2017
Client Profile
Dada S.p.A. (“Dada”) is an Italian telecommunication and internet services company founded in 1995 and based in Florence. It reported €63.7 million Revenues and €10.5 million EBITDA in FY2016.

Hg Capital (“Hg”), established in 1997, is a leading asset management company with close to 130 employees in two investment offices, in the UK and Germany. Hg has funds of over £9.0 billion under management, serving more than 100 highly regarded institutional investors. These include private and public pension funds, endowments, insurance companies and fund of funds.

Leonardo & Co.’s Role
Leonardo & Co. in association with Houlihan Lokey (“Leonardo”), served as the exclusive financial advisor to the Board of Directors and Independent Directors of Dada, providing an independent opinion on the valuation of HG Capital offer
Transaction Snapshot
On November 15th, 2017 Hg acquired 69.432% from sale of Libero Acquisition S.a.r.l. at a price equal to €4.0 per share. As a result of this transaction, Hg had to launch a mandatory tender offer on the remaining ordinary shares of Dada at the same price of € 4.00 per share. The offer was subsequently accepted.