Italian Wine Brands S.p.A. (BIT:IWB) signed a biding agreement to acquire Enoitalia S.P.A from Pizzolo family for approximately €150 million on June 17, 2021. Consideration will be paid in cash. In a related transaction, Pizzolo family reinvests in IWB, by subscribing to 1,400,000 newly issued ordinary shares of IWB at a price of €32.50 each, giving it a total shareholding equal to 15.91% in IWB's share capital (the “Reinvestment”). The corresponding implied multiple based on the total Enterprise Value of Enoitalia on 2020 EBITDA of €17.1 million, would be 8.86 times. Enoitalia achieved Revenues of €201.3 million, EBITDA of €17.1 million, EBIT of €13.6 million and net income of €8.7 million for the year ended December 31, 2020. On the closing date of the transaction, Giorgio Pizzolo and Marta Pizzolo will be appointed as directors of IWB and that Giorgio Pizzolo retains the position of Chairman and Chief Executive Officer of Enoitalia. Transaction is expected to close by end of July 2021. Long stop date of the transaction is September 15, 2021. The acquisition has been evaluated by the Board of Directors of IWB as an accretive transaction with regards of the value of IWB shares. Equita Group S.p.A. (BIT:EQUI) acted as fairness opinion provider to the board of directors of Italian Wine Brands S.p.A.