GPI S.p.A. (BIT:GPI) entered into a binding agreement to acquire 55% stake in Insiel Mercato S.p.A. from TBS Group S.p.A. (BIT:TBS) for €10.5 million on December 19, 2016. GPI S.p.A. will pay approximately €1.8 million and Insiel Mercato has a net financial debt of €8.7 million. In a related transaction, GPI S.p.A. entered into a binding agreement to acquire PCS Professional Clinical Software GmbH from TBS Group S.p.A. (BIT:TBS) for €13.5 million. TBS Group will retain the remaining 45% in Insiel Mercato, subject to put options and call options exercisable over a three year period. For the year 2015, Insiel Mercato reported total income of approximately €23.3 million and EBITDA of €1.7 million. No redundancies or recruitment are planned as a result of the operation. Alberto Steindler will remain the Director of IM and PCS, with managers from the GPI Group joining PCS' management team. The proceeds of the operation will be used by TBS to strengthen its development programme. The deal is expected to close by the end of December 31, 2016. Vittorio Loi, Francesco Manara, Mia Rinetti, Paola Carlotti, Antonella Camilli, Fabio Lui and Paolo Lupini of Pavia e Ansaldo acted as legal advisor to GPI S.p.A. Guido Masini of Studio Legale Riolo Calderaro Crisostomo e Associati acted as legal advisor to TBS Group S.p.A. GPI S.p.A. (BIT:GPI) completed the acquisition of 55% stake in Insiel Mercato S.p.A. from TBS Group S.p.A. (BIT:TBS) on December 30, 2016.