# Glenalta to acquire 10.4% stake in CFT Group via reverse takeover

SPAC Glenalta has approved a business combination with CFT Group, a designer and manufacturer of food & beverage processing and packaging machinery. Glenalta will use €10 million to acquire a 10.4% stake from existing shareholders and €88 million to fund CFT's development.

- Type: Acquisition
- Announced: 2018-02-28
- Where: Parma, Italy, Italy
- Value: $12.3M (10.0M EUR)
- Status: announced
- Products: food processing machinery, packaging lines, sorting equipment
- Sectors: [Food Processing Equipment](https://endata.com/sectors/food-processing-equipment.md), [Packaging](https://endata.com/sectors/packaging.md)

## Companies

- [CFT Group](https://endata.com/companies/3629.md) (target)
- [Glenalta](https://endata.com/companies/30380.md) (acquirer)

## Sources

- [financecommunity.it](https://financecommunity.it/glenalta-trova-la-target-e-il-gruppo-cft/), 2018-02-28: "La spac lanciata da Luca Giacometti ha infatti approvato la business combination con CFT."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.