CFT S.p.A entered into an agreement to acquire Glenalta S.p.A. (BIT:CFT) in a reverse merger transaction on February 27, 2018. According to the terms in the agreement reached, CFT will be incorporated into Glenalta and its name will be changed to CFT S.p.A. CFT will remain listed on AIM Italia and appear on the Electronic Stock Market of Borsa Italiana. Glenalta's resources will be partly used for the acquisition of a 10.4% stake in CFT's share capital, sold by the current CFT shareholders, with a total outlay of €10 million while the remaining €88 million will be used to finance the CFT Group's development. CFT will remain listed on AIM Italia and appear on the Electronic Stock Market of Borsa Italiana. The exchange ratio is equal to every 16 CFT shares, 21 newly-issued Glenalta shares to be divided between ordinary shares and multiple voting shares. The effective number of the newly issued ordinary shares and multiple voting shares will be determined based on the percentage of the withdrawal rights that will be effectively exercised by the Glenalta shareholders after the merger is approved. Following the merger, the Board of Directors of the combined entity will be composed of nine members. Roberto Catelli as Chairman, Alessandro Merusi as Chief Executive Officer, Livia Catelli, Adele Catelli, Martino Pozzi, Gino Lugli, Stefano Malagoli and, as independent Directors, Stefano Rossi and Daniele Raynaud. The transaction is subject to approval of shareholders of CFT S.p.A and Glenalta and termination condition represented by the fulfilment of the following conditions; including the exercise of the right of withdrawal by shareholders representing at least 33% of the share capital and the completion of the liquidation proceedings of such shareholders withdrawing through the redemption or cancellation of shares equal to or greater than 33% of Glenalta share capital. The deal is expected to be completed by the end of July 2018. As of July 18, 2018, merger by incorporation of CFT into Glenalta has been signed and will be effective as of July 30, 2018. CFO SIM S.p.A., Kaleidos S.r.l. and KPMG Advisory S.p.A. acted as financial advisors while d'Urso Gatti Pavesi Bianchi and Ludovici Piccone & Partners acted as legal advisors to Glenalta. Brera Advisory Spa acted as financial advisor while Lombardi Molinari Segni acted as legal advisor to CFT. CFO SIM S.p.A. is assisted for the legal aspects by the Dentons law firm. Oksana Daskaliuk, Ilhar Hakhramanov, Olga Kyriusha, Dasha Dashkevych, Sergiy Kazmirchuk, Vladimir Sayenko, Konstantin Penskoy and Yurii Dmytrenko of Sayenko Kharenko acted as legal counsel to Glenalta.