Eurona Wireless Telecom, S.A. agreed to acquire 82.9% stake in Kubi Wireless S.L. from Avança, Finaves S.C.R., S.A. and other shareholders for approximately €10 million.

Eurona Wireless Telecom, S.A. (CATS:EWT) agreed to acquire 82.9% stake in Kubi Wireless S.L. from Avança, Finaves S.C.R., S.A. and other shareholders for approximately €10 million in stock and cash on October 10, 2013. The consideration will be paid 75% in shares of Eurona Wireless Telecom, S.A. and 25% in cash. As a part of the transaction, Xavier Macià will retain the 17.1% stake held in Kubi Wireless.

Kubi Wireless had a turnover of more than €5 million in 2012. The transaction is accepted by more than 80% of the shareholders of Kubi Wireless. BDO acted as the due diligence provider on the transaction.