Leone Film Group S.p.A. completed the acquisition of Lotus Production Srl from Antonio Belardi for 5.3 million.
November 18, 2014 at 12:00 am EST
Leone Film Group S.p.A. (BIT:LFG) signed a binding agreement to acquire Lotus Production Srl from Antonio Belardi for 5 million in cash and stock on July 29, 2014. Leone Film will pay 2.4 million to Lotus Production's founder Antonio Belardi as well as issue 734,694 new LFG shares. LFG will also proceed with a share capital increase reserved to Antonio Belardi for 3.6 million. Lotus had revenues of 11 million, EBITDA of 0.68 million and EBIT of 0.6 million. The transaction is subject to Belardi, who currently holds 96.94% in Lotus, to buy the remaining stake in it, Lotus to sell or at least spin off some non-core real estate properties and Leone's shareholders to approve the capital hike. The transaction is expected to close by December 31, 2014.
Leone Film Group S.p.A. (BIT:LFG) completed the acquisition of Lotus Production Srl from Antonio Belardi for 5.3 million on November 18, 2014. The terms of the transaction include the issuance of 0.73 million new ordinary shares, payment of 2.4 million as consideration and remaining amount of 0.8 millionwill be paid within and not beyond six months from the present date. The transaction was approved in the extraordinary meeting of Leone Film Group S.p.A.