Mediobanca acted as sell-side Financial Advisor to Blackstone Tactical Opportunities (“BTO”) in the sale of its stake in Industrie De Nora.
On 19th November 2020, BTO announced the signing of an agreement to sell its 33% stake in Industrie De Nora to SNAM, valuing the group on 100% basis c. €1.2bn.
Founded in 1923 by Oronzio De Nora, Industrie De Nora SpA (“IDN”) is an Italian multinational company engaged in the design and manufacturing of electrodes, coatings and technologies, for electrochemistry and, since the acquisition of Severn Trent’s Water Purification, a leading international player in the space of water treatment.
SNAM is one of the world’s leading energy infrastructure operators and, with a market cap in excess of €15bn, one of the largest Italian listed companies.
IDN underwent a significant repositioning in recent years and is on a steep growth path to capture secular trends in energy transition and water treatment sector. 2019 Revenues and EBITDA were €505m and €75m, respectively.
The sale occurs after a number of bids were submitted for BTO’s stake during recent months; SNAM has prevailed in the light of the strong industrial interest in diversifying its business into green energy and hydrogen in particular.
The Transaction represents a very successful exit for BTO from an investment which was originated by Mediobanca as buyside financial advisor in 2016-17 and certifies a strong relationship between Mediobanca and the firm.