Italian-headquartered catering equipment manufacturer giant, Ali Group, has been lauded for its most recent major acquisition.
AmCham Italy, The American Chamber of Commerce in Italy, gave Ali Group its Transatlantic Award for the merger agreement under which the company is acquiring Welbilt.
The business support organisation rewarded 10 companies for investments made in Italy and in the United States during its XV Transatlantic Award Gala Dinner, held on 2 December in East End Studios, Milan.
Ali Group’s Welbilt transaction marks a significant milestone in the conglomerate’s history, and is aimed at positioning the company to better serve its customers and capitalise on attractive growth opportunities.
The deal is an all-cash transaction for US$24 per share, or approximately US$3.5bn in aggregate equity value and US$4.8bn in enterprise value.
The acquisition will make the merged group the largest in the world, with Welbilt’s pre-Covid turnover totalling about US$1.6bn and Ali Group’s global revenue of around US$2.4bn combining to reach US$4bn, eclipsing pre-pandemic market leader Hoshizaki’s US2.5bn.
As part of the agreement, the companies will divest the Manitowoc Ice icemaker brand in early 2022 and the acquisition is due to be sealed shortly thereafter.