Sicily by Car (SBC:IM), a company listed on Euronext Growth Milan and among the leading operators in the short- and medium-term leisure car rental sector in Italy, announces that today, through its subsidiary Sicily By Car Spain S.L.U. (the “Purchaser”), it has completed the acquisition of 100% of the share capital of Keygo Rent Spain S.A., a Spanish law company with registered office in Alicante (“Keygo” and, collectively, the “Transaction”).
The Transaction has a strategic nature, enabling the Sicily By Car group to continue its expansion path in Europe through entry into mainland Spain.
Keygo operates in the car rental (without driver) sector and in the management of private parking facilities, and carries out its rental activity in the immediate vicinity of the “Miguel Hernández” Airport of Alicante–Elche, currently the sixth busiest airport in Spain in terms of annual passenger traffic (source: AENA), with an operational area of approximately 13,000 square meters.
In 2024, Keygo achieved the following economic and financial results: revenues of Euro 2.8 million, EBITDA of Euro –0.1 million, and a Net Financial Position equal to zero. The company will subsequently be merged into the Purchaser.
Transaction structure
The agreement governing the terms and conditions of the Transaction provides for the acquisition from Gemarbe XXI S.L.U., Little Carrots Investment S.L.U. and Planeta Kalgan S.L.U. (jointly, the “Sellers”) of 100% of the share capital of Keygo for a total price of Euro 1,092,763.13 (the “Price”), almost entirely paid on today’s date.
The agreement includes terms and conditions customary for similar transactions, including specific representations and warranties by the Sellers and related indemnification obligations.
It is also noted that the Transaction was completed by the Purchaser using its own resources.
In the Transaction, the Purchaser was assisted by Leading Global Consulting S.L. as sole financial advisor.
Finally, it is noted that the Transaction does not qualify as a significant transaction pursuant to Article 12 of the Euronext Growth Milan Issuers’ Regulation, as none of the applicable relevance indices exceeds 25%.