BF International to buy control of Italy's Diagram in €221M agribusiness deal

What's the deal? BF International (BFI)Dealroom has a profile for this one. Try Dealroom →, a unit of Italy's B.F. S.p.A.Dealroom has a profile for this one. Try Dealroom →, has signed binding agreements to acquire a controlling stake in Diagram S.p.A.Dealroom has a profile for this one. Try Dealroom →, an Italian developer of technology, digital services, and platforms for the agriculture and agrifood sectors. The core transaction values the deal at about €221 million.

How it's structured: BFI will buy 100% of TriagriDealroom has a profile for this one. Try Dealroom →, the holding company that controls 41.6% of Diagram, from Trilantic EuropeDealroom has a profile for this one. Try Dealroom → and co-investors. Of the roughly €221 million price, €191 million is due at closing and €30 million, plus an equity ticker, within 11 months in two tranches.

What else is moving: BFI also signed a deal with CDP EquityDealroom has a profile for this one. Try Dealroom →, which holds another 41.6%. It will buy 0.67% at closing for about €3.7 million, with call and put options over the remaining 40.9% — a 22.9% tranche for roughly €125 million and an 18% tranche for €98 million, each carrying a 7% annual compound return.

By the numbers: Diagram posted €96.8 million in consolidated revenue in 2025, consolidated EBITDA of €33.4 million, and net financial debt of €80.6 million. It employed more than 330 people.

Why now? BFI already held 15% of Diagram, making the move a step toward full control rather than a standalone entry. The staggered option structure lets BFI absorb CDP Equity's stake over time, with puts exercisable from February 2027.

The signal: The deal folds a profitable agritech operator into a larger agribusiness group, a bet that digital tools and platforms will anchor the next phase of Italian agrifood. The phased buyout of state-backed CDP Equity underscores how public investors are gradually handing agritech assets to strategic owners.

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