Tessi SA (ENXTPA:TES) has agreed to acquire ADM Value for an enterprise value of €110 million on July 31, 2019. As a part of consideration for 20% stake of ADM Value SA, Tessi SA issues 0.164246 million shares for 0.000827 million shares of ADM Value SA. The deal will be financed through (i) a cash capital increase amounting to around €39 million available to all Tessi shareholders. Tessi majority shareholder Pixel Holding intends to subscribe for its proportionate share and underwrite any remaining unsubscribed shares, and (ii) a €50 million bank facility for which Tessi has already obtained firm commitments. To coincide with cash settlement-delivery of the shares, an in-kind contribution will be made by three ADM Value shareholders including its CEO, who will transfer to Tessi around 20% of ADM Value shares under the price terms applicable to the cash capital increase. The remaining ADM Value shares representing around 80% of the share capital will be purchased in cash from the current shareholders.