Petrolina (Holdings) Public Ltd (CSE:PHL) signed an agreement to acquire Silk Oil S.A. for €9 million on December 31, 2020. Under the terms of transaction, consideration for the acquisition has been agreed at a maximum of €9 million, of which €7.3 million was paid in cash at the time of the signing of the agreement and up to €1.7 million (escrow amount) has been withheld and may be paid in all or in part after the determination of the final fair value of SILK OIL’s net assets and liabilities, to be calculated following the completion and preparation of SILK OIL’s financial statements in accordance with the International Financial Reporting Standards by certified auditors as at December 31, 2020, as well as subject to other post completion terms of the acquisition agreement. The acquisition is expected to positively affect the prospects and results of the Petrolina Group.