S H Kelkar and Company Limited (BSE:539450) entered into an agreement to acquire Creative Flavours & Fragrances Spa from Redifin S.p.A and Walvek Srl on January 15, 2018. Under the terms of the transaction, S H Kelkar and Company will be acquiring 100% of the share capital over two to three years, of which, 51% paid share capital will be acquired upfront for approximately €12 million. Remaining stake shall be acquired within three years, consideration for which shall be paid based on the acquired Creative Flavours & Fragrances performance. S H Kelkar and Company proposes to fund the entire investment through internal accruals. Requisite approvals and consents in connection with the acquisition have been obtained. The acquisition is expected to be earnings accretive. S H Kelkar and Company Limited completed the acquisition of 51% stake in Creative Flavours & Fragrances Spa from Redifin S.p.A and Walvek Srl. As of May 22, 2019, the Board meeting of S H Kelkar and Company Limited is scheduled for June 10, 2019 for the consideration of the acquisition of the remaining 49% stake in Creative Flavours & Fragrances spa. As of June 10, 2019, Board of S H Kelkar and Company approved the acquisition of remaining 49% stake in Creative Flavours & Fragrances. As of July 15, 2019 the transaction is expected to be completed by December 31, 2020. As on February 10, 2020 transaction is expected to be complete in first half of financial year 2021. Rosario Zaccà, Alessandro Giuliani, Nicola Zito, Ilaria Fagnani, Teodora Marocco, Edward Ruggeri, Francesco Maletto, Andrea Gaboardi and Davide Rossi of Gianni Origoni Grippo & Partners acted as legal advisors while Nipun Lodha and Vineet Suchanti of Keynote Corporate Services acted as financial advisors to Keva Italy of S H Kelkar and Company. Alberto Montanari of Studio Legale Montanari Brescia e Associati acted as legal advisor to Redifin and Walvek in the transaction.