Spinnova Looks to Acquire Portuguese Yarn Spinning Company Tearfil

08:15 AM EDT, 09/17/2026 (MT Newswires) -- Textile fiber manufacturer Spinnova (SPINN.HE) signed a non-binding letter of intent for the potential acquisition of Portuguese yarn spinning company Tearfil - Indústria Têxtil. The potential deal would have an initial purchase valuation of 500,000 euros in cash and Spinnova shares, according to a Thursday release. Spinnova would also provide a 1.5 million-euro bridge loan to Tearfil for the duration of its special revitalization proceeding aimed at restructuring its current debt. Subject to several conditions, including due diligence, approval by Spinnova's board and final approval of Tearfil's debt restructuring plan, the potential deal is expected to close in the first quarter of 2027.