Stratic Gets Regulatory Nod for Sale of Italian Business
Stratic has received approval from Italy's Ministry of Economic Development under Ministerial Decree dated February 22, 2010 for the
first leg of its previously announced transaction to sell its Italian business to Enel Trade Spa.
This leg of the transaction involved reorganizing Stratic's Italian business into a single Italian company in preparation for the final stage of the transaction, which involves the sale of a subsidiary of that company to Enel.
The final stage of the transaction, which is subject to further approval by Italy's Ministry of Economic Development, is now underway and expected to complete around the end of March 2010.
Kevin Watts, Stratic's Chief Executive, commented, "This is an important milestone in the regulatory approval process for the transaction, which remains on track for completion around the end of the first quarter."
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