Zip Co Limited (ASX:Z1P) entered into an agreement to acquire remaining 78.26% stake in Spotii DMCC for $31 million on May 24, 2021. The consideration will be paid by Zip in new fully paid ordinary shares in Zip, cash or a combination of both, as to be determined by Zip in its absolute discretion prior to completion of the acquisition. As per the transaction, Zip Co Limited will pay $16 million initial consideration and $15 million in deferred consideration to a subset of the Spotii sellers subject to satisfaction of prescribed performance milestones and, for a Co-Founder, their respective continued employment at the date of satisfaction of the relevant performance milestones. If paid in shares, Zip Co Limited will issue 3.8 million shares for the initial consideration, such Zip shares will be subject to voluntary escrow arrangements and will issue 3.6 million shares as deferred consideration subject to satisfaction of prescribed performance milestones which will be paid in up to 3 payment tranches relating to the 12 month ?performance periods? ending on June 30, 2022, June 30, 2023 and June 30, 2024. 60% of each tranche of Zip shares issued to each seller as part of this additional consideration will be subject to a 1 year voluntary escrow period commencing on July 1 immediately after the relevant ?performance period?. Post deal completion, Chief Operating Officer Ziyaad Ahmed and Chief Executive Anuscha Iqbal would continue to be heavily involved in Spotii. The transaction is expected to occur in Q3 CY21. Gavin Hammerschlag of Arnold Bloch Leibler and DLA Piper Australia Pty Ltd acted as legal advisors to Zip Co Limited and Legalintro acted as legal advisor to Spotii DMCC. Zip Co Limited (ASX:Z1P) completed the acquisition of remaining 78.26% stake in Spotii DMCC from Daman Investments PSC on October 18, 2021.