CIRCET GROUPE SAS signed an agreement to acquire German Communication Business from Eltel AB (publ) (OM:ELTEL) for approximately €19 million on January 22, 2020. For the year ended December 31, 2019, Eltel’s German Communication business reported net sales of about €36 million. The transaction is subject to customary approvals and customary anti-trust clearance and is expected to be closed at the end of first quarter 2020. The transaction is estimated to give a positive cash flow impact have a net positive result on Eltel's EBIT. Henrik Armah, Kara Preedy, Georg von Wallis, Stephen J. Horvath III, Claudia Stremel and Holger Faust of Greenberg Traurig, LLP acted as legal advisors and Danske Bank acted as the financial advisor to Eltel, Tod Kersten and Philipp Sebbesse of DC Advisory provided due diligence and acted as the financial advisors to the shareholders Eltel AB (publ). CIRCET GROUPE SAS completed the acquisition of the German Communication Business from Eltel AB (publ) (OM:ELTEL) on April 30, 2020.