Pirelli RE has acquired Ingest Facility, a facility management company, for EUR 50 mln, the Italian real estate giant has announced in a press release. Pirelli RE Facility Management, a subsidiary of Pirelli RE, has been awarded the bidding for Ingest Facility, a listed company owned by the Fiat Group, on December 15. The price for the acquisition was of the order of EUR 50 mln, including EUR 17 mln for the cash reserves and EUR 33 mln of enterprise value, Pirelli RE said.
Pirelli RE has acquired Ingest Facility, a facility management company, for EUR 50 mln, the Italian real estate giant has announced in a press release. Pirelli RE Facility Management, a subsidiary of Pirelli RE, has been awarded the bidding for Ingest Facility, a listed company owned by the Fiat Group, on December 15. The price for the acquisition was of the order of EUR 50 mln, including EUR 17 mln for the cash reserves and EUR 33 mln of enterprise value, Pirelli RE said.
The acquisition is expected to be completed on February 2007, conditional on approval by Italy's antitrust agency. Following the acquisition, Pirelli RE will have a turnover of around EUR 400 mln, the company said. Ingest is mainly active in Italy and has minor operations in Poland and France. By the end of 2006, the company expects a turnover of EUR 225 mln.
