Italy's SECO to acquire German Garz & Fricke for 180 mln euros

Oct 11 (Reuters) - Italy's high tech group SECO IOT.MI said on Monday it had entered a binding agreement to buy all of German Internet of Things (IoT) solutions producer Garz & Fricke for 180 million euros, sending shares up almost 9% in early trade.

The acquisition marks a "landmark moment" for the company as it strengthens its access to the German market, boosts its customer base and broadens its product portfolio, Chief Executive Massimo Mauri said in a statement.

The company added that the deal - which will be funded with new debt facilities, cash on balance and SECO newly-issued shares - would create a group with expected revenues of over 180 million euros ($208.37 million) and adjusted core profits of above 40 million euros by 2022.

($1 = 0.8639 euros)

(Reporting by Federico Maccioni, editing by Giulia Segreti)

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