Esprinet SpA (BIT:PRT) entered into a binding agreement to acquire IT distribution activities from Itway S.p.A. (BIT:ITW) and Itway Iberica SL on October 21, 2016. The total consideration agreed for the transaction is made up of the net asset value of the acquired business plus a total amount of up to €10.8 million made up as follows: (a) a fixed amount of €5 million to be paid cash at closing date; (b) a variable amount up to a maximum of €5.8 million payable after 12 months from closing date conditional upon the achievement of economic and financial targets. For the year end 2015, the business division reported an EBITDA of €1.7 million. The acquisition is conditional upon the completion of labor union procedures pursuant to art. 47 of Law no. 428/90 in relation to transfer of business as well as according to the Spanish and Portuguese laws and regulations, where applicable. The expected date for the closing is November 30, 2016. In Italy legal, tax and labour due diligence were performed by Pirola Pennuto Zei & Partners, while in Spain, labour due diligence performed by Bufete Suarez de Vivero and Adreu Advogados in Spain and Portugal. PricewaterhouseCoopers Advisory S.p.A. acted as the financial advisor and Chiomenti Studio Legale and Garrigues acted as the legal advisor for Esprinet SpA (BIT:PRT). Edgardo Ratti of Trevisan & Cuonzo acted as the legal advisor for Esprinet.

Esprinet SpA (BIT:PRT) completed the acquisition of IT distribution activities from Itway S.p.A. (BIT:ITW) and Itway Iberica SL on November 30, 2016.