CENIT acquires 1, 05% of Azkoyen during Ohmnia bid
Deals & M&A1 min read
In brief
- CENIT acquired 1.05% of Grupo Azkoyen for €2.5m, notified to Spain's CNMV.
- The purchase comes during Ohmnia Electronics' offer for 100% of Azkoyen at €10 per share.
- CENIT says it does not seek to block the offer and wants a role in the group's decisions.
CENIT has acquired 1.05% of Grupo Azkoyen's share capital, a transaction valued at €2.5m and notified to Spain's CNMV, the company said in a statement. The purchase was made while Ohmnia Electronics' public offer for Azkoyen was under way.
Ohmnia Electronics, led by businessman José Antonio Jainaga and part-owned by the Basque government, launched its offer in July. It seeks 100% of the Navarre-based company at €10 per share, a valuation of €244m, with the aim of merging the two businesses into a listed industrial group with annual revenue of €400m and 2,000 employees.
CENIT was set up in Navarre in April as a public-private investment company intended to keep key companies in the region and to act as a defence against speculative funds. It was established by the Instituto Navarro de Inversiones (INI), Caja Rural de Navarra and Fundación Caja Navarra, with investment capacity of up to €45m.
According to the statement, CENIT does not intend to block the offer. It said it aims to gain institutional weight in the resulting group and to take part directly in its corporate and strategic decisions.