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Charme II announces the acquisition of 60% of the share capital of Octo Telematics

Montezemolo & Partners SGR SpA (‘M&P’), management company of Charme II fund, and MetaSystem Group SpA (‘MSG’) have reached an agreement which envisages the sale to Charme II from MSG of a 60% stake in the share capital of Octo Telematics SpA. Closing of the transaction is expected to take place within the first half of 2010.

Octo Telematics, with the largest telematics fleet currently operating in Europe by number of vehicles, has a solid leadership position worldwide in the insurance telematics sector. Octo Telematics manages a portfolio of over 800,000 clients in Italia and Europe, with 2009 sales of Euro 47.5 million, with a 48% growth compared to 2008 and an Ebitda of Euro 32.2 million, with a growth of 54% compared to 2008. In the first quarter of 2010 the company recorded a very positive performance, in particular with number of new activations grown by 50% compared to the same period in 2008.

Octo Telematics, founded in 2002 by Fabio Sbianchi and Giuseppe Zuco (maintaining their initial stake of 10%), operates with a specific focus on the offer to insurance companies of services allowing to customize auto insurance policies on the basis of the driving style of the end client (i.e. pay per risk and pay as you drive), in addition to supporting the insurance companies in the reconstruction of accidents (i.e. crash management). Services offered by Octo Telematics also include stolen vehicles recovery, road charging and fleet management. From the insurance companies’ standpoint, the installation of a ‘clear box’ allows the definition of the risk profile associated to each end client and, in particular, a sensible reduction of frauds.

Among the development priorities of Octo Telematics is the expansion into real time traffic information services, already sold via dedicated applications to Blackberry and Iphone. This is allowed by the network of 800,000 clear boxes already installed in Italy, representing approximately 2% of total autos in circulation. Such activity is performed also thanks to the 25% stake held in InfoBlu, in partnership for the remaining 75% with Autostrade per l’Italia SpA.

“The acquisition of Octo Telematics is in line with Charme II strategy of investing in a limited number of companies, leaders in their respective sectors and with strong development potential” comments Matteo Cordero di Montezemolo, CEO of M&P. “The telematics services sector is growing significantly and in particular there is a significant potential for telematics applied to both insurance services and end clients. I believe Octo Telematics is best positioned to further strengthen its leadership position with the support of Charme II, both in Italy and in particular abroad.”

Germano Fanelli, CEO of MSG, commenting on the transaction stated: “We are proud to remain shareholder of Octo Telematics with a 30% stake, in partnership with Charme II with a 60% stake. We strongly believe that the new controlling shareholder will be able to accelerate the development programs of Octo Telematics in Italy and abroad, including emerging markets such as Brazil, Russia and US, where Octo Telematics already has a presence with branches and joint ventures”.

Banca IMI and Rothschild acted as financial advisors to MSG. Banca IMI, MPS Capital Services and UGF Merchant (Unipol Group) will act as Mandated Lead Arrangers on the financing which will be provided in support to the transaction, while law firms Chiomenti and Bonelli Erede Pappalardo are legal advisors of MSG and M&P, respectively.

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