(Alliance News) - Casta Diva Group Spa on Tuesday disclosed that it has signed a share purchase agreement to acquire a 100 percent stake in Akita Srl-the wholly owned parent company of Akita Off Srl-one of Italy's leading commercials production companies.

The company explained that Akita partners Paolo Zaninello and Davide Rizzi will continue to manage Akita in the role of directors with proxies. Fabio Nesi, currently a partner in CDG and managing director of Casta Diva Pictures Srl, will also become chairman of the board of Akita, which will retain its name, logo and autonomous corporate structure, under the control of CDG. The other board members are Beatrice Gozzi and Raffaele Cozza D'Onofrio.

The value of 100% of Akita was determined to be EUR8.3 million and calculated on the basis of the economic and financial performance of the last 3 fiscal years, specifically taking the result of average Ebitda multiplied by 3.5 times.

Akita Film turns out to have a production value of EUR14.7 million and Ebitda of EUR2.8 million.

With this transaction, Casta Diva's Video Production Business Unit achieves leadership in the Italian commercial market, with a total turnover of EUR26.6 million.

Casta Diva on Tuesday closed in the green by 0.4 percent at EUR1.14 per share.

By Claudia Cavaliere, Alliance News reporter

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