Exercise of call option on 25% of Refrion

Uboldo (Varese), 3 October 2024 – LU-VE Group, one of the world’s largest manufacturers in the field of air heat exchangers, listed on Euronext Milan, announces the closing of the purchase of the remaining 25%, in its subsidiary Refrion S.r.l., headquartered in Flumignano (Udine).

As stated in the 25th February 2022 press release, the contract for the purchase of 75% of Refrion S.r.l. included the option to purchase the remaining 25%, exercisable within the following five years.

The transaction has no effect on LUVE Group’s financial position or on the value of “Minority Interests”, since the purchase consideration of 25% – as required by IFRS – is already counted in the calculation of the Group’s financial debt.

Biscozzi Nobili & Partners Studio Legale Tributario (Milan, Italy), with a team led by the partner Giancarlo Cortese and including associates Edoardo Mörlin Visconti e Luisa Galeotti, acted as legal adviser of LU-VE Group. On the other side, Refrion S.r.l. minority shareholders were advised, with reference to all legal aspects of the transaction, by Greco Vitali Associati Studio Legale (Milan, Italy), with the partner Matteo Ludovico Vitali and the associate Matteo Miramondi.