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Growens S.p.A. uploaded a Presentation
February 2, 2023


Growens signs binding agreement to sell Email Service Provider business to TeamSystem Group


Strategic Rationale:

  • Derisking of Group position in mature business
  • Consistent cash-in
  • Focus on development of BEE
  • Provide return to stakeholders
  • Fundamental change of business under EGM Regulations for Companies

Deal Consideration:

  • Sale of
    • MailUp business (carve-out from Growens)
    • 100% of Contactlab S.p.A.
    • 100% of Acumbamail S.L.
    • 100% of MailUp Nordics/Globase
  • Euro 70 million total gross consideration (subject to closing adj)

Key Milestones:

  • Signing February 2, 2023
  • GSM March 9, 2023
  • Closing by end of June 2023
  • Conditions precedent:
    • carve-out of MailUp business from Growens
    • GSM ordinary/extraordinary
    • Golden Power and Antitrust greenlight
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