GPI S.p.A. (BIT:GPI) entered into a binding agreement to acquire PCS Professional Clinical Software GmbH from TBS Group S.p.A. (BIT:TBS) for €13.5 million on December 19, 2016. GPI S.p.A. will pay approximately €12 million, assume net debt of approximately €1 million and pay a potential earn-out of €0.5 million contingent upon certain favorable terms. In a related transaction, GPI S.p.A. 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. PCS reported total income of approximately €9.7 million, EBITDA of €1.4 million and net financial position of €0.1 million at the end of 2015. 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, Paola Carlotti, Mia Rinetti and Paolo Lupini of Pavia e Ansaldo acted as legal advisor to GPI S.p.A. whereas, Guido Masini of Studio Legale Riolo Calderaro Crisostomo e Associati acted as legal advisor to TBS Group S.p.A.