April 2017
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has merged with

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with the resulting company listed on the Milan Stock Exchange

2_Space2 S.p.A.

Aerospace • Defense • Government
Financial Advisor
April 2017
Client Profile
Space2 S.p.A. is an Italian special purpose acquisition company (SPAC) listed on the MIV segment – Electronic Market for Investment Vehicles – organized and managed by the Milan Stock Exchange. Space2 S.p.A. raised approx. EUR 300 million in the capital markets with the purpose of acquiring a target company or business in any form, including a business combination or a merger
Houlihan Lokey’s Role
Leonardo & Co., in association with Houlihan Lokey, acted as sole financial advisor to Space2 S.p.A. in the context of the merger with Avio
Transaction Snapshot
On April 10th, 2017 Avio S.p.A.’s shares have started trading on the Milan Stock Exchange – STAR segment.

Avio is an aerospace company operating in the space launcher and spacecraft propulsion sector, with an experience of over 50 years.

The Transaction has been executed through the following main steps:

•Partial and proportional demerger into new SPAC Space3 S.p.A. of EUR 150 million in cash not utilized for the acquisition of Avio S.p.A.

•Acquisition of the 85.68% stake in Avio S.p.A. – held by PE fund Cinven and other shareholders – by Space2 S.p.A., Leonardo Finmeccanica S.p.A. (already a shareholder of Avio S.p.A.) and Avio S.p.A.’s management

•Merger by incorporation of Avio S.p.A. into Space2 S.p.A.

Leonardo & Co. in association with Houlihan Lokey acted as sole financial advisor to Space2 S.p.A. in the context of the Transaction.

 

Office: Italy