The Italian Mocha pot pioneer Bialetti has changed hands with a Chinese enterprise
The Luxembourg-based Nuocheng Investment Company, which is affiliated with Chinese business tycoon Stephen Cheng, has completed the signing of an acquisition agreement to acquire 78.567% of the shares of Bileti Company. Subsequently, a tender offer will also be launched to delist Biletti from the Milan Stock Exchange. Nuocheng Investment first reached an agreement with Bialetti Investimenti and Bialetti Holding to acquire 59.002% of the shares at a consideration of 47.334 million euros. In addition, Nuocheng Investment signed a second acquisition agreement with Sculptor Ristretto Investment to acquire approximately 19.565% of the shares for a total consideration of 5.731 million euros.
Therefore, under these acquisition agreements, Nuo Octagon may also acquire a total of 78.567% of the share capital of Bileti Company from the seller through other companies directly or indirectly controlled and designated by it as acquirers. The transaction is expected to be completed by the end of June 2025. Subsequently, Nuocheng Investment will launch a full tender offer for the shares of Bileti Company listed on the Milan Stock Exchange, with an acquisition price of no less than 0.467 euros per share. After the tender offer is completed, the acquirer plans to push for the delisting of Biletti's shares.
This acquisition is part of a larger-scale transaction related to the debt refinancing of Bileti Company, and the debt restructuring agreement is precisely centered around Bileti Company's debt issues. Specifically, according to the debt restructuring agreement, the existing debts of Biletti Company will be refinanced. There will be a subprime financing of up to 30 million euros, provided by illimity Bank and Amco Asset Management Company. There is also a senior financing with a maximum amount of 45 million euros, jointly provided by Banco Bpm, Bper and Banca Ifis. Nocheng Octagonal Investment Company is also expected to inject at least 49.5 million euros of equity funds, thereby significantly reducing the debt of Bileti Company.
