Italian Exhibition Group S.p.A. (BIT:IEG) entered into a binding agreement to acquire HBG EVENTS FZ LLC for €0.93 million on August 10, 2020. The purchase price is set at guaranteed minimum approximately €0.9 million, to be paid at the time of sale, plus an earn-out connected to the results of the next two editions of the "Dubai Muscle Show" and "Dubai Active" events, to be paid within 80 days from the end of each edition. The acquisition is financed using Italian Exhibition's liquidity. HBG EVENTS FZ LLC recorded revenue of €01.5 million in 2019. The transaction is expected to close in September 2020. Pietro Bernasconi of Baker McKenzie acted as legal advisor for Italian Exhibition. Pietro Bernasconi and Pietro de Libero acted as legal advisor to Italian Exhibition Group S.p.A.

Italian Exhibition Group S.p.A. (BIT:IEG) completed teh acquisition of HBG EVENTS FZ LLC on October 28, 2020.