Accell Group NV has reached agreement on the acquisition of all outstanding shares in Bianchi Bisiklet AS (Turkey), which also includes a 50% participation in the well-known Italian company Atala.
Bianchi Bisiklet has the exclusive licence to sell Bianchi brand bicycles in Turkey and is operationally completely independent of the Italian Bianchi. In order to prevent confusion with the other Bianchi bicycles brands around the world, the production facility in Turkey will be renamed in Accell Bisiklet.
The acquisition gives Accell Group a strong position in both Turkey and Italy, two attractive markets for bicycles, bicycle parts and accessories. Accell Group will finance the acquisition from its existing credit facilities. According to the company, the acquisition will make a positive contribution to earnings per share as of 2011.
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