Hyster-Yale to acquire controlling stake in Bolzoni

Hyster-Yale Materials Handling and the shareholders of Penta Holding have entered into a definitive agreement whereby Hyster-Yale agreed to acquire, through an indirect wholly-owned subsidiary, 100 percent of Penta's outstanding shares for an aggregate purchase price of EUR 53,495,837. 

Penta is the holder of a majority stake of approximately 50.4% in Bolzoni S.p.A. The transaction has been unanimously approved by the Board of Directors of Hyster-Yale.

The closing of the transaction, which is expected to take place during the second quarter of 2016, is subject to customary closing conditions, including clearance by the German antitrust authority.

Following the closing of the transaction, Hyster-Yale, through an indirect wholly-owned subsidiary, will launch a mandatory tender offer for all of the outstanding shares of Bolzoni at the price in cash of EUR 4.30 per share.

Hyster-Yale intends to pursue the delisting of Bolzoni following completion of the mandatory tender offer. The acquisition is expected to be funded using Hyster-Yale's cash on hand and borrowings under Hyster-Yale's existing credit facility.

Bolzoni is a leading worldwide producer of attachments for forklift trucks under the Bolzoni Auramo and Meyer brand names. Under the terms of the transaction, Bolzoni will become a subsidiary of Hyster-Yale, but is expected to continue to operate as a standalone business, with its own management team and Board of Directors.

Colin Wilson, President and Chief Executive Officer of Hyster-Yale Group said: "Bolzoni is well-known as a reliable world-class supplier of attachments and has become the preferred supplier for Hyster and Yale products. We look forward to better meeting our customers' needs by broadening our product offerings as a result of this transaction.  We remain committed to serving all of Bolzoni's customers."