axélero S.p.A. (BIT:AXEL) signed a binding agreement to acquire Atex Group Ltd. from Kistefos A.S. for €6.7 million on June 23, 2017. As part of consideration, €0.7 million from the consideration will be held at the escrow account for a period of 12 months. Under the terms of the transaction, Atex is debt free and is being acquired at net of cash of approximately €2 million being acquired with Atex. As part of the transaction, axélero will acquire all the shares of atex Global Media s.r.l., atex Global Media sàrl, atex Holdings Sweden AB, atex Media Ltd, atex Media OY, atex Pty Ltd, atex Pte Ltd and atex IMC.Inc. axélero will finance €6 million from bank loans. The transaction price values at 2.8X EBITDA for Atex’s 2016 EBITDA. In 2016, Atex Group had revenues of €19 million and EBITDA of €1.7 million. The transaction is expected to close within mid-July 2017 and is expected to generate significant cost and revenue synergies with positive effect on EBITDA margin of combined entity. Eunomia acted as legal advisor, Antonio Zambon acted as accountant while Studio Bernoni Grant Thorton acted as financial advisor for axélero. Banca Popolare di Vicenza S.p.A. acted as nominated advisor for axélero. Francesca Cocco of Lerxi Consulting acted as PR advisor for axélero.