I.M.A. Industria Macchine Automatiche S.p.A. (BIT:IMA) signed an agreement to acquire 70% stake in MAI S.A. from Guillermo MAI for approximately $7.7 million on December 28, 2016. IMA will pay $5.7 million at the closing and the remaining will be due in three annual tranches. IMA will also be granted an option, exercisable in April 2021 to acquire remaining 30% stake in MAI S.A. The transaction is expected to close at the beginning of 2017. Pistrelli, Henry Marin y Asociados S.R.L and EY Buenos Aires acted as accountants and Luca Poggi of Studio Poggi & Associati of Bologna acted as legal advisor to IMA. I.M.A. Industria Macchine Automatiche S.p.A. (BIT:IMA) completed the acquisition of 70% stake in MAI S.A. from Guillermo MAI on January 4, 2017.