Banca IFIS S.p.A. (BIT:IF) agreed to acquire 90% stake in FBS SpA from Paolo Strocchi and others for €58.5 million on May 15, 2018. Post-completion, Paolo Strocchi will retain 7.5% stake in FBS SpA while the Managers Elena Ruo and Giorgio Fedocci will keep a combined 2.5% stake. The transaction will be financed entirely with Banca IFIS's liquidity. FBS reported EBITDA of approximately €10 million and a net profit of €5.6 million for 2017. Paolo Strocchi will continue to act as Chief Executive Officer together with the current top management including Managers Elena Ruo and Giorgio Fedocci. The transaction is subject to approval from Supervisory authority. As of November 22, 2018, the transaction is approved by Bank of Italy. The acquisition is expected to close in September 2018. As of November 22, 2018, the transaction is expected to complete shortly. Alberta Figari, Luca Piacentini and Vittorio Novelli of Grimaldi e Clifford Chance acted as legal advisors to Banca IFIS. Lazard Asesores Financieros, S.A. acted as financial advisor and Daniele Bonvicini, Riccardo Sismondi and Matteo Montironi of Grande Stevens Studio Legale acted as legal advisors to the shareholders of FBS SpA. Banca IFIS S.p.A. (BIT:IF) completed the acquisition of 90% stake in FBS SpA from Paolo Strocchi and others on January 7, 2019.