(Alliance News) - Pattern Spa announced Thursday that it has signed a binding investment agreement to purchase, through its 80 percent subsidiary SMT Srl, 100 percent of Umbria Verde Mattioli Srl, an Umbrian company specializing in the production, processing and marketing of luxury knitwear.

The agreed price is EUR20.0 million and will be paid by SMT to the sellers in several tranches.

"The acquisition of Umbria Verde Mattioli contributes to further expand the group's presence in the luxury knitwear sector, adding, after SMT, Zanni Srl and Nuova Nicol Srl, another set of technical skills of excellence in the field of knitwear," the statement reads.

The agreement calls for Simone and Leonardo Mattioli to serve as members of UVM's board of directors and managing directors from the date of execution until the approval of UVM's financial statements for the year ending Dec. 31, 2028.

The transaction is expected to close by June.

Pattern's stock closed Thursday 1.0 percent in the red at EUR5.70 per share.

By Chiara Bruschi, Alliance News reporter

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