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  4. MAIRE acquires 83.5% stake in Conser

MAIRE acquires 83.5% stake in Conser

Published by , Editorial Assistant
Hydrocarbon Engineering,

Maire Tecnimont S.p.A. (MAIRE) has announced that, through its subsidiary NextChem Holding S.p.A., it has finalised the acquisition of an 83.5% stake in Conser, a technology licensor and process engineering design company based in Rome, Italy, as already announced on 23 January 2023.

The purchase price is approximately €35.8 million, of which €28.4 million is paid upfront and €7.4 million deferred and subject to certain conditions. The agreement provides also an earn-out clause based on the achievement of specific operating results relating to FY 2023 and 2024 as well as put and call options on the remaining 16.5% stake exercisable within the next three years.

With this acquisition, MAIRE strengthens its leadership in the energy transition and circular economy field, adding innovative and sustainable technologies for biodegradable plastics intermediates and high-value-added specialty chemicals to its portfolio. These technologies may be exploited in new markets thanks to MAIRE’s global commercial network and integrated project execution capability. Further growth opportunities may come from the development of a fully biodegradable or bio-based polymer, in line with the decarbonisation strategy undertaken by the Group.

Founded more than 50 years ago, Conser can rely on an extremely diverse portfolio of technology patents dedicated to the energy transition and added-value specialty chemicals processes, including cost-effective and process-flexible technologies for maleic anhydride, butanediol and dimethyl succinate, which are crucial building blocks for the production of biodegradable plastics. Given their excellent biodegradation properties, these plastics show very promising prospects driven by growing demand, especially in Asia. Conser’s portfolio also includes technologies for fine chemistry for lithium battery production, and bio-based derivatives (plant glycerin). In 2023, Conser is expected to generate operating results (EBITDA) in the range of €13 – 15 million and to post a net cash position of over €10 million.

Conser has been advised by FAI ADVISORY and by law firm Foschiani of Rome, while MAIRE has been supported by its internal M&A, legal and corporate affairs teams.

Read the article online at: https://www.hydrocarbonengineering.com/the-environment/13042023/maire-acquires-835-stake-in-conser/

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