Plans to invest up to 38 mln eur (Il Sole 24 Ore Radiocor) - Paris, 04 Jul - Maurice Levy, the former head of the French advertising group Publicis, said that he will become the new chairman and CEO of the internet service group Solocal.

"I will become chairman and CEO, and I will involve myself personally the time needed" to relaunch Solocal, he told the news agency AFP.

Solocal is carrying out a 43 million euro capital increase, to which Ycor, the family holding company of Levy, will contribute up to 38 million euros.

Following the capital increase due to be completed end of July, Ycor will own 60-73% of Solocal.

The capital increase aims to reduce Solocal's net debt, which amounted to 197 million euros at the end of 2023.

Levy expects Solocal to invest 130 million euros in four years in artificial intelligence and technology. The company is targeting annual sales of 420-500 million euros in 2027.

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(RADIOCOR) 04-07-24 19:07:35 (0604) 5 NNNN