PRINT THIS PAGE French PAI acquires majority stake in Italian coffee machine maker for over E500m08/12/2003. Source: AltAssets. 
 French private equity firm PAI Partners has acquired a majority stake in Italian coffee machine maker Saeco for over E500m. The firm has bought a 66.85 per cent holding in the company with debt financing provided by JP Morgan.
PAI will issue an offer for the remaining 33.15 per cent stake, as required by Italian law, with a view to delisting the shares. PAI will offer outstanding stakeholders E3.59 per share, below the current market price. The deal is expected to be finalised early next year, according to a report by Reuters.
Saeco is currently majority owned by its management, led by chairman Sergio Zappella with a 30.4 per cent stake.
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