Fabric manufacturer and textile designer Ani Albers Textiles to be acquired by textile giant Coraggio for €4bn
Textiles maker Ani Anas Textiles will be acquired for €3.5bn by Italian clothing and textile manufacturer Coraggios Italian textile conglomerate has agreed to sell Ani an 85% stake in the company to a consortium led by the Italian government.
The deal is subject to the approval of the Italian parliament.
Ani’s global workforce is expected to grow to 15,000 people by 2020, according to its most recent quarterly report.
The company is the world’s second largest apparel retailer and its brands include Ani, Elie Saab, Giambattista Valli, and Puma.
The takeover of Ani by Coraggia will give Coraggiato an asset base to further expand into the global textile industry.
The agreement is subject of the approval by the parliament, said a statement from Coraggias chief executive Sergio Trevisani.
Coraggiacos share price is currently down more than 30% this year amid a slowing global economy and an improving global credit environment.
Ana Albers’ statement said the deal will support the company’s growth strategy in textile production and export.
“We’re extremely pleased to see Coraggies new venture partner AniAnas in the same position, and look forward to the opportunity to expand our partnership further and further,” said Albers.
Anas’ textile factories in Italy have been one of the main drivers of the global growth of textile companies in recent years, producing clothes for companies such as Levi Strauss and Gap.
Anis products are sold in Italy, Spain, Spain and France.
An Anas spokeswoman said the agreement was in line with the companys plans to further diversify its global business by diversifying the supply chain and developing innovative products.
“Coraggios will play a leading role in the future textile production in Italy and other countries, and will strengthen the competitiveness of Anas textile and textile products, and become a strategic partner for our customers,” said Andrea Palermo.
The consortium, led by Cora and Cimor, plans to raise €4.5 billion through an initial public offering of its stake in Coraggian, according a report in the Italian press.
Cora said Anas will be sold to a private investment group and will be led by an existing partner.
Coragias shares are down almost 30% since last week’s deal was announced.
“This is a good deal for all Italian companies,” Ani spokesman Marco Bocci said.
“The agreement with Cora will make Coraggis global textile leader.”
Cora is a global textile company with more than 100 factories and employs nearly 1 million people in more than 180 countries.