December 21, 2018 / 5:47 PM / 7 months ago

CORRECTED-Sweden's Fagerhult to buy Italy's iGuzzini for 385 mln euros

(Corrects currency to Swedish crowns in fifth paragraph)

Dec 21 (Reuters) - Sweden’s Fagerhult AB said on Friday it had signed a deal to acquire Italian lighting group iGuzzini illuminazione S.p.A. for a total enterprise value of 385 million euros ($438 million) on a cash and debt-free basis.

Fagerhult, which produces professional lighting for offices, schools and other public environments, said 26 percent of the deal would be paid in new Fagerhult shares, issued in kind to iGuzzini shareholders, and the rest would be paid in cash.

The cash portion would be financed through new and existing credit facilities and a bridge loan, Fagerhult said.

The Guzzini family and merchant bank Tamburi Investment Partners (TIP), which now own iGuzzini, would become investors in the merged group, Reuters reported in October.

The combined company will have annual consolidated net sales of over 8 billion Swedish crowns ($884 million), according to the statement.

($1 = 9.0461 Swedish crowns)

$1 = 0.8794 euros Reporting by Sathvik N Editing by Edmund Blair

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