Italian Sea Group Shares Rise on €260 Million Takeover Bid From Sri Global

Shares of The Italian Sea Group (TISG:MI) gained on Thursday after holding company Sri Global submitted a binding offer of €260 million to acquire the luxury yacht builder's assets, according to a report from Il Sole 24 Ore. The news prompted an initial share price jump of approximately 12%, leading to a temporary trading halt before the stock settled to close up 2.2%.

Details of the Offer

The proposal from Sri Global, a holding company led by Giulio Gallazzi, is structured in two parts:

• €220 million to acquire the entire industrial perimeter, which includes the group's Turkish subsidiary and the Celi woodworking company.
• An additional €40 million to finance the resumption of operations.

Sri Global's 2027-2031 business plan reportedly projects revenue to grow from €104.9 million in 2027 to €376.7 million in 2031. The plan also targets an expansion of the EBITDA margin from 9.2% to 14.6% during that period, with a strategic focus on partnerships and an expansion into North America, particularly through the Perini brand.

Ad

Financial Context and Court Scrutiny

The takeover bid arrives as The Italian Sea Group navigates severe financial distress. Court-appointed commissioners reported the company had negative equity of €422.6 million as of August 31 and posted a loss of €46.1 million in the first eight months of 2026. This contrasts with a court valuation that estimated the company's worth at around €162 million.

The commissioners also highlighted an urgent need for capital, noting the company's adjusted balance was already negative as of October and forecasting a funding requirement of approximately €17 million by March 2027. A Florence court has scheduled a hearing for October 28 to examine the offer, as well as reporting issues and director remuneration. According to the report, CEO Giovanni Costantino and other board members have indicated a willingness to waive their compensation.