Colombo & Associati acted as exclusive financial advisor to Il Sole 24 ORE S.p.A.

Il Sole 24 ORE S.p.A. (the Company), Italian leading editorial group for economic, financial, professional and cultural information, agreed the disposal to Palamon Capital Partners (PCP) of a 49% stake of Business School24 S.p.A. (BS24 or the Target), a newly founded company where the Education & Services business has been contributed in kind. The price of the sale – based on a consideration of the BS24 Enterprise Value of 80 EURm – has been set to 39.2 EURm, amount that will be paid as follow: 35.3 EURm at the closing; the remaining 3.9 EURm will be paid within 2023. The Buyer has been selected among several bidders through a competitive bid process.The SPA includes the right, exercisable in May 2018, for PCP to buy an incremental 2% share of the Target for a consideration of 1.6 EURm. Moreover, the agreement includes a put option for Il Sole 24 ORE S.p.A. and a call option for PCP (Put&Call), to respectively sell and buy an incremental 29% share of the Target. Notwithstanding the exercise of the Put&Call, the Company will retain a strategic shareholding in the Target not lower than 20%.

Colombo & Associati

Advised in the sale of

Il Sole 24 ORE S.p.A. (education and training unit)


Palamon Capital Partners


MidCap Alliance