BF International, the subsidiary of Milan-listed agri-food group B.F. S.p.A., has signed binding agreements to acquire a controlling stake in Diagram, an Italian provider of digital services and technology for agriculture, the company said on 16 October.
Why BF International Best Fields Best Food (B.F. S.p.A.) is buying Diagram S.p.A. (control, from Trilantic Europe and CDP Equity)
BF said the deal would strengthen its presence in technology-heavy services for agriculture and agri-food supply chains. Chairman Federico Vecchioni described Diagram as a strategic pillar for the group's technology, agritech and commercial platform.
Deal terms and financing
BFI will buy 100% of Triagri, which holds Trilantic Europe's 41.6% of Diagram, for about €221m, of which €191m is due at closing. It will also buy 0.67% from CDP Equity for about €3.7m at closing. Reciprocal call and put options cover CDP Equity's remaining 40.9%: 22.9% for about €125m and 18% in four half-yearly tranches for about €98m, each plus a 7% annual compound return.
Regulatory approvals and timing
Completion requires Golden Power and antitrust clearance, any UK authorisations needed and lender consents, by 20 December 2026. BF's guarantee of the CDP Equity payments was treated as a major related-party transaction because Dompé Holdings, BF's largest shareholder, also holds more than 5% of BFI.
Market context
BFI already holds 15% of Diagram, with the remainder held by Trilantic Europe and co-investors (41.6%), CDP Equity (41.6%) and managers via Siref Fiduciaria. Diagram reported 2025 revenue of €96.8m, EBITDA of €33.4m and more than 330 employees.
