(Alliance News) - Almawave Spa on Thursday disclosed that it has finalized through its subsidiary The Data Appeal Company Spa the acquisition of 70 percent of the share capital of Mabrian Technologies SL, a Spanish company specializing in the development and implementation of solutions in Travel and Destination Intelligence and focused on innovative data analytics and decision intelligence AI KPI's.

The Data Appeal Company paid a cash consideration of approximately EUR3.6 million, determined on the basis of an enterprise value of EUR6.1 million and on the assumption that key managers would remain in the management of the company.

The transaction was financed entirely through the use of Almawave Group resources, and the sale consideration will be subject to adjustment of the Net Financial Position on the closing date.

The agreement also provides for the possible recognition of an earn-out, amounting to a maximum of EUR1.5 million, upon the achievement of specific outstanding economic-financial performance, to be recognized following the approval of the 2023 financial statements.

The remaining 30 percent of Mabrian's capital can be acquired through an option exercisable in 2026, subject to the fulfillment of certain pre-defined economic and operational conditions.

Almawave on Thursday closed 0.2 percent in the red at EUR4.11 per share.

By Claudia Cavaliere, Alliance News reporter

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