According to an announcement by Ideal Holdings, Italian Guala Closures paid between €110 million and €115 million for the acquisition of Astir Vitogiannis.

In clarifications published after the announcement of the deal, Ideal Holdings notes that the enterprise value of 100% of ASTIR and Coleus was agreed at €136 million. It also notes that the final price will be calculated on the date of completion and after taking into account adjustments such as the deduction of the net debt of ASTIR and Coleus of EUR 15 million, the profitability of the two companies and their working capital as they will have developed by the date of completion of the transaction, and the deduction of the value of the 25.01% stake in Coleus not held by ASTIR.

In detail, as stated in the relevant announcement:

IDEAL Holdings SA ("Company") indirectly, through its wholly owned direct subsidiary SICC Limited, owns 100% of the share capital of ASTIR, which directly owns 74.99% of the share capital of Coleus Packaging (pty) Limited ("Coleus"). The Company has agreed, on April 22, 2024, to transfer the 22,800 registered shares of ASTIR, representing 100% of its share capital, to Guala Closures ("Guala"), which, following completion of the transaction, will be the sole shareholder of ASTIR and will also indirectly own 74.99% of Coleus.

Completion of the above transfer agreement (the "Transaction") is subject to customary conditions and regulatory approvals (South African and Romanian Competition Commissions) and is expected to be completed in the second half of 2024.

The enterprise value of 100% of ASTIR and Coleus, which will form the basis for the calculation of the transaction price, was agreed at €136 million. The final price will be decided on the day the deal is finalized, after adjustments are made for things like ASTIR and Coleus's €15 million net debt, the companies' profits and working capital as they will have grown up to the date of the deal's completion, and the value of ASTIR's 25.01% stake in Coleus.

Subsequently, the company estimates that the amount of consideration that Guala will ultimately pay in cash upon completion of the transaction will be in the range of €110 million to €115 million.