Elica S.p.A. (BIT:ELC) entered into a preliminary agreement to acquire Electric Motors Company S.r.l. and CPS S.r.l. for €31 million on June 28, 2021. Under the terms, Elica will pay the consideration amount of €31 million in several tranches using own resources of which €4 million is paid as of the date of this agreement. In 2020, Electric Motors Company S.r.l. and CPS S.r.l. reported revenues of €21.4 million. The transaction is expected to take place in the first half of July. FIVELEX Studio Legale acted as legal advisor to Elica S.p.A. and Ernst & Young Global Limited acted as Financial and Tax due diligence provider to Elica S.p.A. NCTM Studio Legale Associato acted as legal advisor to Electric Motors Company S.r.l. and CPS S.r.l. and Studio Associato Picchio & Marcolini di Loreto acted as financial and tax advisor to Electric Motors Company S.r.l. and CPS S.r.l. Elica S.p.A. (BIT:ELC) completed the acquisition of Electric Motors Company S.r.l. and CPS S.r.l. on July 2, 2021.