Cleary Gottlieb is representing longtime client A. Agrati S.p.A. (Agrati) in connection with its announced business combination with IDeaMI S.p.A. (IDeaMI).
The business combination will be completed by a reverse takeover, through merger by incorporation of Agrati into IDeaMI. IDeaMI, Agrati, and its sole shareholder Agrati Holding S.p.A. have signed a framework agreement governing, among other things, the merger worth approximately €750 million. The board of directors of Agrati and IDeaMI have approved a joint merger plan, which is subject to the shareholders’ approval.
The transaction is expected to close by March 2019.
Agrati is a worldwide leader in fastening solutions for the automotive market. IDeaMI is a special purpose acquisition company (SPAC).