Seri Industrial S.p.A. (BIT:SERI) agreed to acquire 98% stake in Industria Italiana Autobus S.p.A. from Invitalia S.p.A. and Leonardo S.p.a. (BIT:LDO) on June 19, 2024. Following the Transaction, Invitalia will hold a 2% stake in IIA. The agreement provides that the acquisition of 98% of IIA's share capital by Seri Industrial will take place through an initial capital increase, after the Sellers reset and reconstitute the share capital, followed by the transfer of shares from the Sellers to Seri Industrial. The agreement also provides for earn-out mechanisms in favor of the Sellers, linked to the earnings of IIA during the five-year period from 2024 to 2029. In the end, on the Execution Date, Invitalia and Seri Industrial will enter into a shareholders' agreement (the "Agreement") with a duration of five years, aimed at regulating the appointment of a director and a statutory auditor by Invitalia, as well as requiring, for certain shareholder and board resolutions, the favorable vote of Invitalia or its representative appointed to the administrative body.

Seri Industrial S.p.A. (BIT:SERI) completed the acquisition of 98% stake in Industria Italiana Autobus S.p.A. from Invitalia S.p.A. and Leonardo S.p.a. (BIT:LDO) for ?0.000001? million on July 11, 2024. The expected capital increase was subscribed by Invitalia S.p.A. and Leonardo S.p.A. and the Company. The share capital at the closing amounts to approximately ?141.3 million and does not include the additional contributions by the Sellers foreseen on July 15, 2024 and December 31, 2024, for further ?50 million. The management with a board of directors made up of three members: Mr. Vittorio Civitillo as Chief executive officer and Chairman and Mr. Marco Raucci as managing director appointed by the Company, and Mr. Giancarlo Schisano (previous CEO of IIA, as director), appointed by Invitalia S.p.A.