Safe Bag S.p.A (BIT:SB) signed a letter of intent of acquire 51% stake in Pack & Fly Group OU on February 1, 2018. The transaction and establishment of final purchase price are conditional on success of due diligence. The due diligence will start in coming days and is expected to finish by the end of May 2018. The transaction is expected to complete by July 15, 2018. Safe Bag S.p.A (BIT:SB) signed a binding agreement to acquire 51% stake in Pack & Fly Group OU from Polad Akmedov and Alexander Fedoseev on April 3, 2018. Under the terms of the agreement, Safe Bag S.p.A will acquire 25.5% of the shares by payment in cash, funded by shareholder's equity and bank debt and 25.5% of the shares will be acquired through a capital increase reserved to Alexander Fedoseev and Polad Akmedov. The purchase consideration includes an earn-out payment of €0.5 million subject to obtaining licenses relating to strategic airports. The final purchase consideration is subject to the results of due diligence which is expected to be completed by April 30, 2018. Alexander Fedoseev will hold the remaining 49% stake in Pack&Fly Group OU. Pack&Fly Group OU had revenues of €14 million and earnings before interest, tax, depreciation and amortization of €2.4 million for the year ended 2017. Alexander Fedoseev will remain as the Chief Executive Officer of Pack&Fly Group OU. As of May 21, 2018, Safe Bag S.p.A completed its due diligence activities. The transaction is expected to be completed by July 30, 2018. As of May 21, 2018, the transaction is expected to be completed on July 12, 2018. As of June 26, 2018, the deal is expected to close on June 28, 2018 and June 29, 2018. As of June 28, 2018, 51% stake in Wrapping Service LLC is acquired which holds Russian business of Pack & Fly Group OU. Antonio Boccia of Baldi Finance SPA acted as nominated financial advisor to Safe Bag. Safe Bag S.p.A (BIT:SB) completed the acquisition of 51% stake in Pack & Fly Group OU on June 29, 2018.