PITECO S.p.A. (BIT:PITE) signed a preliminary agreement to acquire Everymake Business Unit from Everymake S.r.l. for €0.55 million on March 19, 2020. Under the terms, the payment of a first portion of the purchase price, equal to €0.55 million will be paid. A potential additional portion of the purchase price will be paid according to an “earnout” arrangement upon the approval of the financial statement as of and for the financial year ending on December 31, 2022 based on a formula that will consider the growth of the EBITDA of the business unit. The transaction will be financed exclusively by using cash and cash equivalents of Piteco SPA. Revenues of the Everymake business unit for the financial year ended on December 31, 2019 amounted to €0.5 million. Pursuant to the agreement the execution of the definitive contract (closing) is scheduled for March 31, 2020. Fabio Fauceglia and Emanuele Trucco of Shearman & Sterling LLP acted as a legal advisor to PITECO.