(Finance) – Almawavean Italian company listed on the Euronext Growth Milan market and part of the Almaviva Group, active in the Data & Artificial Intelligence sector, today completed the acquisition of 70% of the share capital of Mabrian Technologies, a Spanish company, through its subsidiary The Data Appeal Company specialized in the development and implementation of solutions in the Travel and Destination Intelligence fields and focused on innovative data analytics and decision intelligence AI KPI’s solutions.
The closing took place upon the occurrence of certain conditions precedent to the contract.
Summary of the operation
The Data Appeal Company paid a cash consideration of approximately 3.6 million eurosdetermined on the basis of an enterprise value of 6.1 million euros and on the assumption that key managers remain in the management of the company.
The operation was financed entirely through the use of Almawave Group resources and the transfer consideration will be subject to adjustment of the Net Financial Position at the closing date which, by virtue of the contractual agreements in place and as usual in such operations, will be verified subsequently.
The contract also provides for the possible recognition of an earn-out, equal to a maximum of 1.5 million euros, upon the achievement of specific outstanding economic-financial performances, to be recognized following the approval of the 2023 financial statements.
The remaining 30% of Mabrian’s capital may be acquired through an option exercisable in 2026, subject to the occurrence of certain predefined economic and operational conditions.