Massimo Zanetti Beverage Group S.p.A. (BIT:MZB) entered into an agreement to acquire The Bean Alliance for AUD 24 million on October 29, 2018. The consideration also further includes an earnout to be paid in three annual installments on achievement of specific annual qualitative and quantitative targets. In the year ended June 30, 2018, The Bean Alliance reported revenues of AUD 24.5 million and normalized EBITDA (earnings before interest, tax, depreciation and amortization) of AUD 3 million. The management team of The Bean Alliance including the founders will continue to lead the group and the trading name “Bean Alliance Group” shall continue. The deal is expected to close by end of January 2019.