September 12, 2019 / 5:46 PM / 4 days ago

Italy's Elisabetta Franchi fashion label to list in Milan in reverse takeover

FILE PHOTO: A model presents a creation by Elisabetta Franchi during the Malta Fashion Awards, the climax of Malta Fashion Week, in Valletta, Malta May 31, 2019. REUTERS/Darrin Zammit Lupi

MILAN (Reuters) - Fashion label Elisabetta Franchi is set to list on the Milan stock exchange following a business combination with shell company Spactiv (SPTV.MI), in a deal that values the Italian clothing brand at 195 million euros ($216 million).

Spactiv said in a statement it would invest 77.5 million euros to buy a stake in Betty Blue, the company of fashion designer Elisabetta Franchi, and then incorporate it via a reverse takeover.

The resulting entity will be called Elisabetta Franchi and trade on the alternative investment segment of the Milan bourse.

Reporting by Valentina Za; Editing by Chris Reese

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