Luxembourg-based Nuo Capital, controlled by Chinese tycoon Stephen Cheng, has signed an agreement to acquire 78.567% of Bialetti, the historic Italian coffee brand. The deal will be in two phases: a first 59.002% stake will be taken over by Bialetti Investimenti and Bialetti Holding for €47.3 million; a second 19.565% by Sculptor Ristretto Investment for €5.7 million. Closing is expected by June, after which a full takeover bid aimed at delisting from the Milan Stock Exchange will be launched, with a price of no less than €0.467 per share. The deal is part of a broader plan to refinance Bialetti's debt, which includes a 30 million euro junior loan from Illimity Bank and AMCO, and a 45 million euro senior loan from Banco BPM, Bper and Banca Ifis. Nuo Octagon will also contribute at least €49.5 million in equity, contributing to a significant reduction in debt. The announcement boosted the stock on the stock market, which closed up 59.5%.