Cellularline S.p.A. (BIT:CELL) entered into binding agreement to acquire 80% stake in WorldConnect AG for CHF 15.8 million on July 9, 2020. Under the terms of consideration, it will be paid in two installments, CHF 10 million at closing and CHF 5.8 million twelve months after closing. In accordance with the investment agreement, up until the approval of the Financial Statements for the year ended December 31, 2024, Cellularline and the minority shareholders of Worldconnect will have the power to exercise their respective Put & Call options over the remaining minority share, corresponding to 20% of the share capital of Worldconnect, in multiple tranches. The consideration will be financed with Cellularline’s available resources. Worldconnect reported revenues of CHF 20 million for the year 2019. The two Co-Chief Executive Officers of Worldconnect AG will maintain their role. The transaction is expected to be executed by end of July 2020. Oliver Triebold, and Philipp Groz of Schellenberg Wittmer acted as legal advisor to the sellers. Marco Toni, Giulia Campbell, Gilles Haudenschild and Gatti Pavesi Bianchi of Loyens & Loeff acted as legal advisor to Cellularline in the transaction. Cellularline S.p.A. (BIT:CELLcompleted the acquisition of 80% stake in WorldConnect AG on July 23, 2020.