Buongiorno S.p.A. Announces the Acquisition of Dada.net for EUR28.5 Million, Plus a Possible Earn-out for a Maximum of EUR2.5 Million
MILAN, April 19, 2011 /PRNewswire-FirstCall/ -- Buongiorno S.p.A. (FTSE Italia STAR: BNG), a leading multinational provider of services and solutions for the mobile-connected life, signed a definitive agreement to purchase 100% of the shares of Dada.net S.p.A.
The settlement price for the acquisition of Dada.net S.p.A. is equivalent to EUR28.5 million, in addition to the consolidated net financial position of Dada.net S.p.A. at the specified closing date.
Through this deal, Buongiorno will reinforce its global leadership as a provider of mobile-connected life solutions, increasing its market share in the B2C segment in several markets, particularly in North America.
The transaction is expected to results in around 150 new employees joining Buongiorno's team, including Massimilano Pellegrini, Dada.net S.p.A. CEO, who will join Buongiorno's Executive Team. Buongiorno has undertaken to keep the employment level unchanged for a period of at least 18 months after the closing date, and draw upon the professional competencies and expertise of Dada.net's employees.
The cash price that Buongiorno will pay to Dada.net S.p.A. will be funded by liquidity and new lines of credit, for which the Company has already obtained the commitment of the financing banks.
The transaction is expected to be closed within 90 days following the signing date.
Dada.net operates in 16 countries: Italy, the USA, Canada, Germany, France, Portugal, Australia, Spain, Belgium, Austria, Brazil, Argentina, Mexico, Hungary, Indonesia, and South Africa.
The acquisition of Dada.net is fully in line with the strategic objectives of Buongiorno, aimed at growing the business through both market share in "traditional" B2C and B2B services, and through new service development, particularly in the smartphone and App Store sectors.
Andrea Casalini, CEO of Buongiorno, commented:
"We are proud to announce the acquisition of Dada.net, which enables us to strengthen the global leadership of an Italian company in a sector of great economic and social importance - solutions for the mobile connected life. The acquisition cements our position as an aggregating company that has shown its ability to attract the best talents in the market, also through M&A transactions.
"Dada.net is an acquisition of great importance, since it is not only complementary in terms of products and geographical footprint, but it also brings to Buongiorno the excellent skills of innovative product primarily in the Internet mobile market, and enables us to win the competition in a highly challenging environment at a global level. We are also proud to welcome the professional team of Dada.net and to take advantage, together with these professionals, of the opportunities offered to us in this era of the mobile connected life. We believe that this will also translate to great satisfaction for our shareholders."
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SOURCE Buongiorno Spa