The boards of Italian companies Glenalta Food S.p.A. and GF Group S.p.A. have approved to a business merger, with the proposal now going to a shareholder vote. 

GF Group is one of southern Europe’s leading players in the import and distribution of fresh fruit and vegetable produce, and Glenalta Food is a Special Purpose Acquisition Company (SPAC).

Glenalta Food is listed on the Italian Stock Exchange and 'financially equipped' to the amount of approximately €80 million, according to a release.

Upon completion of the deal that will see GF Group merged into Glenalta Food, the former will change its name to Orsero S.p.A.

The historical owners of GF Group will remain key shareholders in the listed company resulting from this merger. Starting from the effective date of the merger, Orsero Board of Directors will be composed of seven members, five of which will be nominated by GF Group.

This will be the first case in Italy of a termination of debt restructuring agreements with a simultaneous listing on the Stock Exchange, according to the release.

Once the operation with Glenalta Food becomes effective, expected by the beginning of 2017, Orsero will nominate Paolo Prudenziati as chairman of the Board of Directors with management responsibilities. The current GF Group chief financial officer, Matteo Colombini, will sit on the Board of Directors as CEO.

"Thanks to this operation, Orsero S.p.A. will once again have the financial resources to dedicate to significant growth plans aimed at further reinforcing its leadership position in its core business of import and distribution of fresh fruit and vegetable produce," the release said.

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