Announcement
On 29 June 2026, construction firm ICOP (BSE: ICOP) disclosed a public exchange offer to acquire 100% of the outstanding shares of Trevi Finanziaria Industriale (BSE: TFI). The offer is structured as a share‑for‑share transaction, with payment to be made in newly issued ICOP shares.
Deal Terms
The exchange ratio stipulated in the offer is 133 ICOP shares for every 1,000 Trevi shares tendered. This ratio translates to a per‑share valuation of €4.16 for Trevi, amounting to an aggregate consideration of approximately €273 million.
Valuation and Delisting Intent
ICOP intends to delist Trevi Finanziaria Industriale from the Italian stock exchange following the successful completion of the transaction.
Expected Synergies
Management projects that the combined entity will generate incremental annual revenues in the range of €120 million to €140 million and additional EBITDA of €55 million to €75 million.
Market Reaction
Following the announcement, Trevi Finanziaria Industriale’s share price increased by 8.5% on the trading day, whereas ICOP’s shares declined by 6.35%.
Independent Commentary
Equita, an independent research house, described the transaction as positive from an industrial standpoint, highlighting benefits such as increased scale, geographical complementarity, and cross‑selling opportunities.
All figures are presented as disclosed in the source document.