On October 28, 2024, Sesa S.p.A., through its subsidiary Var Group, finalized a binding agreement to acquire a 55% majority stake in SMART Engineering GmbH, a specialized provider of CAE software and engineering simulation services. This transaction represents a strategic expansion of the Var Industries business unit, reinforcing the acquirer's capabilities in the high-growth engineering and industrial design software sector. By incorporating the target's specialized know-how in FEM and CFD calculations, Sesa aims to further consolidate its position as a primary digital transformation partner for manufacturing enterprises across Europe. The acquisition is aligned with the group’s broader strategy of building a robust European center for digital engineering, characterized by vertical technical expertise and a strong footprint in the key DACH industrial markets. This operation is expected to yield immediate benefits in terms of expanded human capital, with a specialized team joining the broader organization to support complex engineering design workflows.

SMART ENGINEERING, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level around LOGIN lower than the average currently observed in the TMT (Tech, Media, Telecom) sector (12.8x).

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