(Alliance News) - Seri Industrial Spa on Friday announced that it has finalized the acquisition of 98 percent of Industria Italiana Autobus Spa, a manufacturer of Menarinibus-branded public road transport vehicles.

In addition, the planned capital increase by Invitalia Spa and Leonardo Spa and the company has been subscribed. The share capital at closing is approximately EUR141.3 million, and does not include additional contributions from the sellers scheduled for July 15 and December 31, 2024 for an additional EUR50 million.

The company reported the immediate installation of the new management with a three-member board of directors: Vittorio Civitillo as managing director and chairman, Marco Raucci as managing director, appointed by the company, and Giancarlo Schisano, previous managing director of IIA, as director, appointed by Invitalia.

Vittorio Civitillo commented on the closing of the transaction as follows, "We are starting a new and exciting adventure in a strategic sector for the country and for Europe. We are convinced that the transition to electric mobility in public transport will be inelutt able and, as a company and as a country, we must be ready to face the challenges of the near future."

Seri Industrial is up 0.1 percent to EUR4.17 per share.

By Claudia Cavaliere, Alliance News reporter

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