Italian Kinexia closes acquisition of Sun System, Roof Garden
Oct 24, 2013 - Italian renewable energy company Kinexia SpA (BIT:KNX) said on Wednesday it completed the acquisition of an 84.44% stake of the share capital of solar energy company Sun System SpA for EUR 4.4 million (USD 6.1m) and of a 47.65% stake in solar firm Roof Garden Srl for EUR 1.1 million.
Under the accord signed on August 8, 2013 with Sun System shareholders, the consideration was paid through the subscription by Sun System shareholders of a reserved capital increase equal to 7.5% of Kinexia share capital. Kinexia issued 2.2 million new shares at EUR 2.00 apiece.
Kinexia also completed the acquisition of 47.7% in Roof Garden Srl from Cenciarini & Co. Srl. Under the accord signed on August 8, 2013 Cenciarini subscribed 1.9% of Kinexia's capital in a cap hike reserved for Cenciarini. Kinexia issued 562,000 new shares at EUR 2.00 apiece. Following the transaction, Kinexia raised to 56% its direct and indirect stake owned via Sun System in Roof Garden.