REVO S.p.A. (BIT:REVO) signed an agreement to acquire Elba Assicurazioni SpA for €160 million on July 19, 2021. Under the terms of agreement, If the conditions precedents are fulfilled after September 30, 2021, the consideration will be equal to €150 million, increased by an amount based on the net result accrued from 31 December 2020 until the date of completion of the transaction. A part of the price, equal to €8 million, will be retained in escrow at closing to guarantee the payment obligations of any indemnities provided for in the sales contract for the sellers that may arise after.

Through the transaction, REVO will also acquire the ownership of third-party owned source codes of the IT systems currently used by the Company for the sale and management of products on its distribution network. Once the transaction is concluded, cross-selling commercial campaigns can be activated on additional types of products offered by REVO and the current commercial relationships, consolidated with over 100 agencies and 16 brokers, can be further extended. REVO have called shareholders meeting on August 4, 2021.

As of August 4, 2021, REVO's shareholders approved the transaction. Transaction is subject to approval of the REVO shareholders' meeting and the obtaining of authorizations from part of the Ivass- Institute for the Supervision of Insurance. As of October 20, 2021, REVO received IVASS authorization for the acquisition.

The transaction will be completed in the next days and, in any case, by the end of November 2021. REVO has been assisted by the international law firm Gianni&Origoni, with a team led by Emanuele Grippo, together with PricewaterhouseCoopers on financial, actuarial and fiscal due diligence matters. The sellers have been assisted by Clifford Chance on legal matters and Rothschild & Co.

Italia S.p.A. as financial advisor. Equita SIM S.p.A. acted as adviser of REVO.