Leonardo-Finmeccanica announces the approval by the Board of Directors of transaction aimed to increase its stake in Avio from the current ca. 14% to ca. 28%. The current majority shareholder, Cinven, will exit Avio shareholding. This transaction will be implemented through a combination between Space2 – a special purpose acquisition company, currently listed on Italian Stock Exchange MIV/SIV segment – and Avio, to be executed through the merger of Avio into Space2 (the "Business Combination") and the subsequent listing of Avio. Avio will receive additional cash for ca. € 66mln to support its development plans.
Mauro Moretti, Leonardo-Finmeccanica Chief Executive Officer and General Manager, stated "This transaction is another step forward in the execution of the Industrial Plan, aimed at developing and strengthening the core Aerospace, Defense and Security business. Through the development of the Avio business and increasing the relative stake, Leonardo-Finmeccanica will strengthen its positioning in the space business, consolidating its role in the launchers segment, also for small satellites.”