Cognosec AB (publ) (OM:COGS) entered into a heads of terms of agreement to acquire Itway Hellas SL SA & Itway Turkyie Ltd from Itway S.p.A. (BIT:ITW) for €7 million on April 3, 2018. Under the terms of the deal, Cognosec AB will issue 16.66 million shares as share consideration along with a cash consideration of €2 million. Cognosec AB (publ) (OM:COGS) signed share sale and purchase agreement to acquire Itway Hellas SL SA & Itway Turkyie Ltd from Itway S.p.A. (BIT:ITW) on June 20, 2018.

In 2017, Itway Hellas SL SA & Itway Turkyie Ltd had aggregate revenue of €26 million and EBITDA of €1.9 million. The acquisition is subject to legal, financial and technology due diligence exercises and customary conditions precedent and is expected to close in second quarter of 2018. Mangold Fondkommission AB acted as financial advisor to Cognosec AB. Gregorio Gitti, Daniele Cusumano, Camilla Ferrari and Francesco Mirizzi of Gitti, Bernitsas Law and Akol Özok Namli Avukatlik Bürosu acted as legal advisors to Itway. Houthoff acted as legal advisor to Cognosec.

Cognosec AB (publ) (OM:COGS) completed the acquisition of Itway Hellas SL SA & Itway Turkyie Ltd from Itway S.p.A. (BIT:ITW) on June 20, 2018. Cyber Security paid a total of €2.6 million in cash and delivered a total of 16,666,666 CYBER1 shares at €0.48 per share to Itway S.p.A.