Red&Black Lux S.àr.l. (R&B), a company controlled by the Permira IV Fund, announces the completion of the acquisition, from Canova Investimenti S.r.l. (CI) and Canova Partecipazioni S.r.l. (CP), of no.14,040,631 ordinary shares of Valentino Fashion Group (VFG), corresponding to 18.95% of the capital of VFG, of which no. 13,913,631 shares owned by CI and 127,000 owned by CP, at a price of 35.00 per share, for a total amount of, respectively, 486,977,085 as consideration for the CI stake and 4,445,000 as consideration for the CP stake.
The completion of the acquisition of the abovementioned no. 14,040,631 VFG ordinary shares follows the authorization, on July 24th, 2007, from the relevant US anti-trust authorities, as provided under the agreement executed by R&B, CI and CP on July 3rd 2007.
Following this acquisition, R&B has increased its shareholding in VFG to, as of no. 35,991,631 ordinary shares representing approximately 48.57% of VFG's total share capital.
However, since the acquisition of VFG by R&B is still subject to the authorization by the relevant anti-trust authorities in Ukraine, R&B has committed to not exercise its control on VFG's commercial activities in Ukraine. The relevant authorization is expected to be obtained within the first half of August.
Once it has obtained the authorization from the Ukrainian authorities, R&B will complete the purchase of further 9,784,018 VFG ordinary shares, as per the sale and purchase
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