ROME – Cinven, the private equity firm, secured conditional approval from Italian authorities over its plan to sell a 15% stake in diagnostic service provider Synlab to laboratory operator Labcorp (NYSE: LH), a government document sent to parliament showed.
Golden powers legislation requires Italian government approval for any decision which results in changes in the ownership, control, or availability of strategic assets in the country.
Italy’s cabinet authorized the transaction on November 12 with some unspecified conditions, according to the document.
Announced in September, the deal is worth some 150 million euros ($158.48 million).
($1 = 0.9465 euros)
