Fallen distributor Adveo has suffered another blow after a potential buyer of its Italian arm walked away during due diligence.
A Spanish stock exchange announcement issued by Adveo on Monday revealed that Lombardy-based GDN has withdrawn from the table, although Adveo added that it is now lining up alternative buyers.
"[The negotiations] have not succeeded and are closed," Adveo said in a statement translated from its original Spanish.
"At this moment, advanced negotiations are being held with two other investor groups to which the end-of-month deadline has been set for receiving an Irrevocable Offer and reaching an agreement."
The sale of its French and Benelux units to Sandton continues "with the usual deadlines", Adveo said, adding that Sandton has extended the term of its irrevocable offer until 22 May.
Turning over €1bn at the peak of its powers, Adveo was one of Europe's largest office equipment wholesalers.
Before its collapse, the reasons behind we Channel Partner Insight unpicked here, Adveo operated 10 distribution centres and nine sales offices in Spain, France, Germany, Italy, Belgium, Luxembourg, The Netherlands, Austria and Portugal, claiming to sell to over 17,000 IT manufacturers, office resellers and suppliers, and department stores and retailers.
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