Turpaz Industries Ltd (TASE:TRPZ) signed an agreement to acquire 60% stake in Food Base Kft from Tamás Gyorfi for $9.5 million on June 8, 2023. The consideration of $9.5 million from which 60% of Food Base's net debt will deducted at the time of completion of the transaction. Additionally, the Seller will be entitled to future consideration will be based on Food Base's business performance during the years 2023-2024. As part of the agreement, Turpaz was granted a call option to purchase the remaining shares of Food Base from the Seller, exercisable from the expiration of 3 years until the end of 5 years from the date of completion of the acquisition. Tamás Gyorfi will continue to manage, and lead Food Base in the coming years together with Food Base?s management team and will join the global management team of the Turpaz Group. Food Base's sales turnover in 2022 amounted to $5.7 million. The transaction is subject to receiving regulatory approvals in Hungary. The transaction will be financed through bank debt. Completion of the transaction is expected in the coming months.

Turpaz Industries Ltd (TASE:TRPZ) completed the acquisition of 60% stake in Food Base Kft from Tamás Gyorfi on August 14, 2023.