Italian electricity and energy giant Edison has signed a deal to sell its majority stake in French animal-feed processor Provimi SA to a holding company jointly controlled by investment funds CVC Capital Partners and PAI Management.

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The deal values the 53.7% stake at €14.5 (US$14.1) a share, or €203m, 18% lower than Provimi’s listing price on the Paris bourse in July 2001.


Edison said that the sale, which is still subject to the approval of antitrust authorities, would remove Provimi’s €455m debt from its balance sheet, and reduce its consolidated debt by €650m.
 
In a statement it was revealed that the sale should be concluded by the end of the year.

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