Maticmind S.p.A. entered into a binding offer to acquire Business-e S.p.A. from Itway S.p.A. (BIT:ITW) on September 22, 2017. Maticmind S.p.A. entered into a framework agreement to acquire Business-e S.p.A. from Itway S.p.A. (BIT:ITW) for €12.2 million on October 16, 2017. The consideration for the operational activities of Business-E is valued at €16.1 million based on a normalized reference EBITDA of €0.1 million. The actual price that will be paid by the Maticmind will be determined at the closing subtracting from the value indicated above the Net Financial Position at that date. As of September 22, 2017, and excluding subsequent adjustments, the consideration for the transaction is €16.1 million, deducted the Net Financial Position that at June 30, 2017 stood at €7.8 million and therefore of €8.3 million. Maticmind will pay Itway the first 80% of the consideration in cash at the date of closing and the remaining 20% a year from the date of closing. The consideration is subject to subsequent adjustments at closing. Under the terms, the first installment of €0.5 million will be paid by Maticmind at the signing of the framework agreement and a second installment of €5.8 million will be paid by Maticmind at the closing on October 27, 2017. The balance will be paid in multiple installments with deferred payments until the first anniversary of the closing of the transaction. Business-E generated normalized EBITDA of €0.15 million for the year ended December 31, 2016. Offer is subject to approval from the board of directors of Itway. The Board of Directors of ITWAY S.p.A. accepted the offer on September 25, 2017. The transaction is expected to close on October 27, 2017. Twice Corporate acted as the financial advisor and Gregorio Gitti, Daniele Cusumano, Camilla Ferrari and Enrico Petocchi of Gitti and Partners acted as the legal advisor for Itway, while Alessandro Gallo and Enzo Monaco of BDO, Costantini and Matteo Petti of U1st acted as financial advisor and Giulio Maroncelli, Francesco Aleandri and Vincenzo Armenio of DLA Piper acted as the legal advisor for Maticmind S.p.A.