Formigine, 27 June 2019 - SITI B&T Group SpA, a supplier of technology and complete systems for the global ceramic tile and sanitaryware industry, listed on the AIM Italia market (Ticker: SITI), announces that it has today signed a binding purchase contract for the acquisition of 75% of the shares of Diatex SpA of Villaverla (VI) active in the production of diamond tools for stone and ceramics processing.

Diatex S.p.A. is a providing customers with the tools used by the squaring and cutting machines and for finishing the final product, including the machines produced by Ancora, a SITI - B&T group company specializing in ceramic tile finishing. In 2018, Diatex S.p.A. generated a turnover of 10.7 million Euro, reaching a normalized EBITDA of 1.9 million Euro and the Net Financial Position of the company at 31.12.2018 was 1.2 million Euro.

'This acquisition - comments Fabio Tarozzi, CEO of SITI B&T Group - allows us to exploit new synergies with finishing technologies (by the company Ancora) to be able to offer new high-performance products and new services to customers. With this operation, Diatex will also benefit from the Group's international network to give a strong boost to exports'.

The acquisition of 75% of the company shares took place at a value of 7.5 million Euro, whose payment is expected to be 6 million Euro at the closing set for December 2019 and for 1.5 million Euro at 30 months from closing date.

Put & Call options have also been provided for, to be used after 5 years on the residual shares whose price will depend on the value of the company on the date the option is exercised.

The acquisition process was coordinated for SITI-B&T by advisors K Finance (Milan) and S.CO.A. (Bologna).

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SITI - B&T Group S.p.A. published this content on 28 June 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 June 2019 09:35:05 UTC