Cellularline S.p.A. (BIT:CELL) signed binding agreement to acquire 60% stake of Systemaitalia Srl for €2.5 million on February 22, 2019. The consideration will be paid in cash. Under the terms of the agreement, Cellularline S.p.A. can raise its stake to 100% in Systemaitalia Srl and has option to partially or fully pay for remaining stake in shares. Systemaitalia achieved adjusted turnover of approximately €11 million and adjusted EBITDA of approximately €1 million. The entrepreneurs-founders will retain their role in the company, working alongside Cellularline’s management team to achieve their ambitious growth targets. Matteo Trapani, Lucia Corradi and Giuliana Capillo of Nctm acted as legal advisors for Cellularline. Giorgio Barbieri, Alessandro Nironi Ferraroni and Mario Varchetta of Sutich Barbieri Sutich acted as legal advisors and Angelo Sani of Venceslai acted as tax and financial advisor for the sellers. Cellularline S.p.A. (BIT:CELL) completed the acquisition of 60% stake of Systemaitalia Srl on April 3, 2019.