Safe Bag S.p.A (BIT:SB) entered into a binding agreement to acquire 60% stake in Care4Bag from Kostas Darivakis, Sotiris Anyfantis and Athanassios Karageorgopoulas on July 18, 2018. The Equity Value of the transaction will be established on the basis of a multiple equal to three times the adjusted EBITDA 2017, currently still subject to due diligence, to which will be added the net financial position expected at closing. Following the successful conclusion of the due diligence, an advance of 20% of the final price will be paid within 5 working days following communication of the result of the verification. An earn out as of 2021 has also been envisaged on condition that the licenses and/or renewals relating to strategic airports are obtained. The main representations and guarantees are already established and will be paid by the vendors in favor of Safe Bag during the agreement of transfer of the stake which will be signed at closing. The transaction will be funded by a dedicated funding line. Care4Bag has an income of €1.2 million and EBITDA of around €0.21 million in 2017. Kostas Darivakis will maintain the role of Chief Executive Officer of Care4Bag. The agreement is subject to the successful completion of the due diligence expected within September 17, 2018. In the 5 working days following this Safe Bag shall notify Care4Bag in writing the result of the due diligence, and, if successful, the investment agreement and closing will be signed within October 12, 2018. Antonio Boccia of Baldi Finance SPA acted as financial advisor to Safe Bag S.p.A. Safe Bag S.p.A (BIT:SB) completed the acquisition of 60% stake in Care4Bag from Kostas Darivakis, Sotiris Anyfantis and Athanassios Karageorgopoulas on October 2, 2018.