Comtel Acquires 60% Stake in Novanext to Boost ICT Offerings
Deal News | Feb 25, 2025 | Finance Community IT - 1 Corporate M&A
Comtel, a company with a 30-year history in ICT systems integration and listed on the Euronext Growth Milan, has acquired a 60% stake in Novanext. This company specializes in enterprise networking, cybersecurity, IoT, data center, cloud, and digital workplace solutions. The transaction cost was €1,905,365.86, including a price adjustment of €45,365.86 due to additional costs borne by the sellers. Comtel financed the acquisition through internal resources, following the exercise of a sale option by Giovanni De Giovanni on February 6, 2025. In addition, they have established a shareholders' agreement with Novanext's minority stakeholders regarding rights and obligations about the remaining 40% share, set for potential acquisition between January 2027 and March 2027. Comtel aims to expand its market presence in the ICT sector and multiply its revenue sixfold in two years. The acquisition doubled Comtel's pro forma production value compared to its 2023 figures and positions it for growth in the Italian Northwest market.
Sectors
- Information and Communication Technology (ICT)
- Digital Transformation
- Enterprise Networking and Cybersecurity
Geography
- Italy – Both Comtel and Novanext operate within Italy, with Comtel being listed on the Euronext Growth Milan, hence making Italy the focal market for this transaction.
- European Union – As Comtel is listed on the Euronext Growth Milan, a pan-European exchange, this transaction holds broader relevance within the EU context.
Industry
- Information and Communication Technology (ICT) – The acquisition strengthens Comtel's position in this sector by expanding its service offerings and customer portfolio.
- Digital Transformation – The acquisition supports Comtel's strategic aim to enhance its digital service delivery through the solutions offered by Novanext.
- Enterprise Networking and Cybersecurity – Novanext’s specialization in enterprise networking and cybersecurity solutions complements Comtel’s existing ICT services.
Financials
- €1,905,365.86 – Total acquisition cost of 60% stake in Novanext by Comtel.
- €45,365.86 – Price adjustment tied to additional costs borne by sellers.
- €1,533,365.86 – Amount paid to sellers today, net of a prior advance payment.
- €372,000.00 – Advance payment made to sellers in September 2024.
- €80.4 million – Pro-forma production value of Comtel post-acquisition.
- €42 million – Comtel's production value in 2023, prior to the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Comtel | Acquiring Company | Company | Comtel is an ICT systems integration company focusing on expanding its digital services and market presence. |
| Novanext | Target Company | Company | Specializes in enterprise networking and cybersecurity, complementing Comtel's ICT offerings. |
| Giovanni De Giovanni | Selling Shareholder | Person | One of the key selling shareholders of Novanext. |
| Metriks | Financial Due Diligence Advisor | Company | Assisted Comtel in conducting financial due diligence for the acquisition. |
| Catena & Associati | Fiscal Due Diligence Advisor | Company | Executed fiscal due diligence for Comtel. |
| Nash Advisory | Exclusive Advisor to Sellers | Company | Guided Novanext shareholders through all phases of the transactional process. |
| Studio Legale Gatteschi | Legal Advisor for Comtel | Company | Advised Comtel on legal and contractual matters. |
| Luca Pecoraro | Legal Advisor to Sellers | Person | Provided legal advisory services to the sellers during the transaction. |
| Gianni Schiratti | Fiscal Advisor to Sellers | Person | Advised the sellers on fiscal matters in the transaction. |