Italy Roaster Lavazza to Buy Vending Machine Maker IVS

Coffee roaster Luigi Lavazza SpA agreed to buy vending machine maker IVS Group after launching a cash offer for the Italian company along with its majority shareholder, sending IVS shares soaring at the opening in Milan.

Lavazza will pay €7.15 ($7.61) per share with a plan to delist the company, according to a filing late Monday. The price corresponds to a premium of 11% based on Monday’s closing price and sets a valuation on IVS at €651.5 million, according to Bloomberg calculations. IVS gained as much as 11.2% in early trading on Tuesday.