(Finance) – WIIT AG, 100% controlled by WIIT has signed an agreement for the acquisition of the business unit called Edge & Cloud with the German company German Edge Cloud GmbH, belonging to the Fridhelm Loh Group.
The acquisition agreement provides for payment of a basic amount of Euro 2.5 millionat the closing of the transaction, and by members of earn-out up to a maximum aggregate amount of Euro 4 million, payable upon reaching certain revenue-based targets.
The transaction includes the acquisition of all Edge & Cloud customer contracts, assets and 66 employees, which will pass to the buyer.
The closing of the operation is subject to the fulfillment of certain customary conditions precedent.
With this acquisition WIIT intends to seize the following opportunities: acquire a portfolio of 40 highly loyal customers capable of generating a turnover of approximately Euro 9 million; expand into a new strategic geographic area (Frankfurt) for further development
of the group in Germany; obtain an annual EBITDA of approximately Euro 3 million after a period of integration into the WIIT group and the extraction of synergies; strengthen the team in Germany with the entry of new highly qualified professional figures to support the development plan for 2024 and subsequent years.