Sarafin S.P.A. entered into agreement to acquire 60% stake in Gruppo Zaffiro Srl from Mittel S.p.A. (BIT:MIT) for €42 million on February 3, 2023. The agreement also provides for the sale of all receivables owed by Mittel to Gruppo Zaffiro in the amount of €25 million, plus the related interest accrued up to the date of completion of the sale. The contract to be finalized by June 30, is conditional on Sarafin signing a binding investment agreement with a leading institutional investor by March 15, 2023, aimed at providing financial support for the transaction. As of March 17, 2023 Mittel Spa communicated that the deadline for fulfilling the condition precedent of the March 15, 2023 within which Sarafin Spa has undertaken to sign a binding investment agreement with a leading institutional investor - has been extended to March 31, 2023. The proposed transaction should complete by and no later than June 30, 2023. As of April 3, 2023, all conditions related to the transaction has been fulfilled.

Sarafin S.P.A. completed the acquisition of a 60% stake in Gruppo Zaffiro Srl from Mittel S.p.A. (BIT:MIT) on June 28, 2023.