Hera S.p.A. (BIT:HER) signed a binding agreement to acquire 40% stake in Aliplast S.p.A. from Ali S.p.A on January 11, 2017. As per the terms of the deal, Hera S.p.A. will acquire 40% within the current fiscal year, a further 40% within March 2018 and the remaining 20% within June 2022. The enterprise value amounts to approximately €100 million and implies an EV/EBITDA multiple of approximately 6.5, with no dilution for Hera shareholders. In addition, the price provides for an additional component going to Aligroup S.r.l., defined as an earn-out provided upon reaching specific incremental results in EBITDA. The agreement’s implementation is subject to the usual conditions for similar operations, in particular the Italian Antitrust Authority’s authorization or non-prohibition of the purchase. As on March 6, 2017, the transaction has been approved by anti trust authority. Studio Grimaldi acted as legal advisor and Lazard acted as financial advisor to Hera. Domenico Greco of Special Affairs acted as industrial and financial advisor and Paolo Ghiglione, Gill Mazzoleni and Antonio Ferri of Allen & Overy Studio Legale Associato acted as legal advisor to Ali S.p.A.