Zvika Barenboim signed a binding deal to acquire the remaining 99.7% stake in Somoto Ltd. (TASE:SMTO) for $49.3 million on April 11, 2019. The purchase consideration consists of a payment of $36.72 million in cash, an additional sum of up to $1.54 million within three months in respect of the earnings before interest, tax, depreciation and amortization portion of Somoto Ltd.'s operations during April and May 2019 and a final payment of up to $11 million within a three-year period, pending agreed-upon milestones. Zvika Barenboim will acquire all property and business operation of Somoto, except for the net balance of cash available to the company on March 31, 2019. 20% of the initial consideration of $36.72 million will be financed by seller's loan. Post acquisition, Somoto Ltd. intends to delist and become a private company. Until the deal with Barenboim is closed, Somoto has a go-shop right and can consider other offers. The employees of Somoto Ltd will remain with the company. The deal is subject to approval of the Board of Somoto Ltd.