Piombino, July 15, 2011
Lucchini S.p.A. (“Lucchini” or the “Company”) today announced that it has reached an agreement to sell 100% of the share capital of Ascometal S.A. to Captain BidCo SAS, a French company owned by funds affiliated with Apollo Global Management, LLC (NYSE: APO; together with its affiliates, “Apollo”).
Lucchini intends to use the proceeds from the sale to reduce indebtedness as part of a refinancing of the Company’s bank facilities and for general corporate purposes.
Gareth Turner, Senior Partner of Apollo Management said, "We are delighted to have reached agreement to acquire Ascometal which is a premier company in the specialty metals industry and a true franchise business. Our investment in Ascometal is consistent with our approach of investing in sectors in which we have considerable knowledge and experience and in companies in which we believe we can add significant value. We are looking forward to working with management to continue to strengthen and build the company in the future".
Marcello Calcagni, Lucchini Group CEO, said, "We are very pleased with the agreement reached with Apollo which will ensure the ability to strengthen and develop Ascometal and will also enable Lucchini to reduce its debt and have the cash needed to start immediately the search for an industrial partnership for the Italian operations of the Group".
Terms of the transaction were not disclosed. The transaction is contingent upon certain regulatory approvals and is expected to be completed during the fourth quarter of 2011.
Deutsche Bank AG acted as financial advisor to Lucchini in relation to this transaction. BofA Merrill Lynch and Morgan Stanley provided financing and acted as financial advisors, DC Advisory acted as financial advisor and Wachtell Lipton and Clifford Chance acted as legal advisors to Apollo in relation to this transaction.
About Apollo Global Management
Apollo is a leading global alternative asset manager with offices in New York, Los Angeles, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of $70 billion as of March 31, 2011, in private equity, credit-oriented capital markets and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.