MILAN — The Ermenegildo Zegna Group and Investindustrial Acquisition Corp., a particular function acquisition company sponsored by funding subsidiaries of Investindustrial VII L.P., mentioned on Monday that they entered right into a definitive enterprise settlement that’s anticipated to make Zegna a public firm listed on the New York Stock Exchange later this yr.
“Over 111 years ago, my grandfather and namesake founded Zegna with the belief that caring for both the natural environment and for people was the bedrock for creating the finest textiles and a successful brand,” mentioned chief government officer Gildo Zegna. “Since then, we have proudly followed in his footsteps to become one of Italy’s true luxury houses. Today’s announcement underscores the success of our strategy of continuously focusing on the group’s brand equity while also continuing to build upon our heritage, our ethos of sustainability, and the unique craftsmanship that has made our name synonymous with quality and luxury around the world. The Zegna family will remain at the company’s helm following the transaction’s completion, and we will continue to invest in creativity, innovation, talent and technology in order to sustain Zegna’s leadership position in the global luxury market.”
Upon closing of the transaction, which is anticipated to happen within the fourth quarter of this yr, the Zegna household will proceed to regulate the corporate with a stake of roughly 62 %. Based on the transaction worth, the merged entity may have an anticipated preliminary enterprise worth of $3.2 billion, with an anticipated market capitalization of $2.5 billion.
The transaction is anticipated to ship roughly $880 million of gross proceeds.