TDR Agrees to Buy Italy’s Acqua & Sapone From H.I.G. Capital (1)

(Updates throughout, adds valuation from Il Sole 24 Ore.)

• TDR Capital agrees to buy Acqua & Sapone from H.I.G. Capital, according to a statement
• TDR bought a 60% stake on the back of a valuation between €1.5b and €2b for the whole company, Il Sole 24 Ore reported citing market rumors
  • Deal structure also envisages launch of around €850m bond: Sole
  • Mediobanca and Deutsche Bank acted as financial advisers: Sole
  • Deal already approved by Italy’s antitrust regulator, the newspaper also said
• H.I.G. and the Barbarossa family will retain significant equity stake in Acqua & Sapone
• NOTE: Acqua & Sapone is ...