Speedvalue Ltd (TASE:SPDV) entered into a share purchase agreement to acquire 54% stake in Ankitech Pro Ltd from shareholders for NIS 0.8 million on February 28, 2024. Ankitech has revenue of NIS 13.3 million in 2023. The purchased shares will be preferred shares entitled to priority in the distribution of dividends in the acquired company, the company will provide the acquired company with an owner's loan of NIS 1.2 million for a period not to exceed five years, which will be used to pay off the financial debt of the acquired company.

The loan will bear annual interest in accordance with Section 3(i) of the Income Tax Regulations.up to the total of the consideration. Simultaneously with the completion of the transaction and as part of the conditions for its completion, the acquired company will adopt new articles of association, which will give the company control over the acquired company and includes, among other things, reference to a lockin period, right of first refusal, right of accession, right of withdrawal, the right of the company to appoint directors in the acquired company, providing guarantees, etc. The company is expected to finance the transaction from its own sources.

Completion of the deal is expected to take place in the coming days.