Generalfinance S.p.A. (BIT:GF) agreed to acquire 96% stake in Workinvoice S.R.L. for ?10.6 million on June 17, 2024. Total consideration of ?6.4 million, of this amount, ?1.8 million will be paid in cash and ?4.6 million will be settled in newly issued Generalfinance shares, valued at a unit price of ?10,96. These shares will be issued as part of a capital increase reserved for certain Workinvoice shareholders, including the founders Matteo Tarroni and Ettore Decio and the industrial partner Crif S.p.A. .

The first Earn Out, amounting to ?1.2 million, will be settled in Generalfinance shares upon reaching a predefined EBITDA target. The second Earn Out, up to ?3 million, can be settled at Generalfinance's discretion in either shares or cash, contingent upon achieving a higher EBITDA target. pending authorisation from the Bank of Italy, in compliance with the applicable laws and regulations and subject to the conditions precedent for such transactions, Under the terms of the Transaction, following the acquisition of Workinvoice by Generalfinance, within the shortest possible technical time frame and subject to the necessary regulatory approvals, Workinvoice will be merged by incorporation into Generalfinance; following the merger, a new Generalfinance ?Fintech & Digital Lending?

Department will be established and will be headed by Matteo Tarroni, founder of Workinvoice. For the period ending December 31, 2023, Workinvoice S.R.L. reported total revenue of ?1.9 million, EBIT of ?0.2 million and EBITDA of ?0.5 million. KPMG Advisory S.p.A. acted as financial advisor for Generalfinance S.p.A. Ceresio - Societa' Di Intermediazione Mobiliare Per Azioni acted as financial advisor for Generalfinance S.p.A. Legance - Avvocati Associati acted as legal advisor for Generalfinance S.p.A. Bonelli Erede Pappalardo Studio Legale acted as legal advisor for Generalfinance S.p.A. Portolano Colella acted as legal advisor for Workinvoice S.R.L.