Advent International may increase its ownership in Avio S.p.A. through direct market purchases, according to Milano Finanza. The U.S. private equity firm is already set to subscribe to 3.2 million new shares via a reserved capital increase.
Advent plans to invest €109 million through its vehicle Vantage Hyp. This investment secures a 6.54% stake in Avio's share capital. The firm will become the second-largest shareholder after Leonardo.
Shares acquired before the transaction are subject to a 12-month lock-up period. Advent has also expressed interest in obtaining a seat on Avio’s board of directors should one become available.