Digital Wine Ventures Limited (ASX:DW8) entered into a binding term sheet to acquire Kaddy Australia Pty Limited from KTM ventures, SpringCapital Investment, Mike Abbott, Richard Coombs and others for AUD 38.8 million on October 15, 2021. Under the terms of consideration, The consideration consists of AUD 6.75 million cash and approximately 484.9 million DW8 shares. DW8 has initiated a AUD 14.75 million capital raise to fund the acquisition and provide expansion capital for Kaddy and DW8 has received commitments for AUD 12.75 million via a share placement, with the balance to be funded by Share Purchase Plan giving all DW8 eligible shareholders the ability to participate on the same terms. Kaddy co-founder Mike Abbott, who will join the DW8 Board as an Executive Director. The transaction is subject to DW8 shareholder approval at its AGM, which is expected to be held in the second half of November. Once approved and subject to completion, Kaddy shareholders will receive total consideration of AUD 6.75 million in cash and 484.8 million DW8 shares, the majority of which are subject to vesting and escrow conditions. The expected date of completion for the Proposed Transaction is on or around November 30, 2021.