Space2 door Avio in the Bag along with Leonardo Finmeccanica – Printing

The Boards of Directors of Space2 Spa (“Space2″) – SPAC, the Italian company listed on the MIV segment-VIS Borsa Italiana spa, Leonardo Finmeccanica spa (“Leonardo”) – a company listed on the mercato Telematico Azionario (MTA) of Borsa Italiana spa – and Avio spa (“Avio”) – a leading Italian company in the technologies at the heart of european industry for the transport in the space – approved October 19, 2016, the integration operation corporate between Space2 and Avio, to be achieved primarily through the acquisition, by Space2 and Leonardo dell’85,68% of the share capital of Avio and the merger of Avio in Space2 (the “Business Combination”). Avio is one of the main international operators in the systems space propulsion. Based in Colleferro (Rome), and is present in Italy, France and French Guiana, with 5 settlements, employing approximately 760 people who are highly qualified, of which about 30% is dedicated to research and development activities. In 2015 has generated revenues for approximately Euro 280 million, an increase of 24% compared to 2014 (€224 million).

Leonardo, a shareholder of Avio since 2003, will invest in the operation, rising to approximately 28% of Avio as a result of the Business Combination with Space2. The management of the company will be investing together with Space2 and Leonardo, while Cinven Limited will be released entirely from the capital city of Avio. The operation will take approximately Euro 154 million of the capital of Space2, which is equal to half of the capital of the same. The remaining portion of the assets to be merged, net of the outlay that Space2 may incur in the exercise of the right of withdrawal on the part of its shareholders, in the newly-formed Space3 Spa (“Space3″) to effect the partial and proportional demerger of Space2 in favour of Space3, whose project has been approved by the respective boards of directors date October 19, 2016. As A result of the demerger, Space3 will also be a SPAC listed on the MIV segment-SIV of the Italian Stock exchange and will have a duration of up to 31 July 2018. October 19, 2016, the Board of Directors of Space2 has resolved to convene its own Meeting of Members to vote on the transaction for the December 1, 2016, in a single meeting.

the Purpose of the Business Combination
The capital vested in Avio through the Business Combination (which will be between approximately Euro 57 million and Euro 80 million, depending on some variables, among which, the outlay that may be incurred by Space2 for the purchase of own shares subject to exercise of the right of withdrawal) will be allocated to the support of the business development plans of Avio and, in particular, the expansion of the capacity of the launch of the VEGA system, at the consolidation of its supply chain, and the expansion of its portfolio of solutions and technologies to launch. “The Business Combination with Avio is the reason for the absolute satisfaction for Space2″, said Gianni Mion, chairman of Space2. “After the great success of the Space with a ROW, we are proud to bring to our investors another, a real jewel in Italian, is a leader in a sector where our technology is taking the world for its excellence. We believe a solid partnership with the management of Avio, and with Leonardo, a group leader in the world of Aerospace, Defence and Security. We strongly believe in the many, significant growth opportunities with this framework, Avio listed will be able to appreciate in the years to come,” concluded Gianni Mion. “Thanks to the combination with Space2, Avio’s share in the Stock market, by time priority and strategic for our company – says Giulio Ranzo, ceo of Avio. “We will accelerate our development plans, taking advantage of even the most the recognised quality of our technologies in the world, also thanks to a renewed relationship with Leonardo, our member for a long time. Together, we are delighted to be able to compare with the market and with our new investors and share the great opportunities that we have before us,” he concluded, ” Giulio Ranzo.

(RV)