Esautomotion S.p.A. (BIT:ESAU) signed an agreement to acquire 65% stake in Business from Sangalli Servomotori S.r.l. for €6.5 million on April 21, 2023. Under the terms of agreement, 65% of €10 million will be paid partly in cash and 170,000 shares of Esautomotion. The agreement involves a call option for remaining 35% stake.

The transaction is expected to close by July 2023. The transaction is subject to conclusion of the trade union consultation procedure, value of the Business Branch resulting from the sworn valuation report of the Business Unit is not less than 10% of the Preliminary Price (€10 million) and certain other conditions. Bonelli Erede Pappalardo Studio Legale acted as legal advisor to Esautomotion.

Deloitte Financial Advisory Services S.p.A. acted as financial advisor to Esautomotion.