Casta Diva acquires 100% of Akita Film

Casta Diva acquires 100% of Akita Film

Casta Diva Group Spa on Tuesday, November 7,  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 acquisition of Akita fulfills our dream of achieving leadership also in the market for the production of commercials and corporate videos, after that in the field of corporate events - commented Andrea De Micheli, President and CEO of Casta Diva Group. Paolo and Davide today become our partners and I am sure that they will make a fundamental contribution to the development of our activities. During the negotiation we learned to know each other and to mutually appreciate our intellectual honesty, professional rigor and passion and Paolo and Davide's sensitivity to ESG issues. We are certain that our teams will blend together in the best possible way, because they have been trained on the basis of the same sound principles that distinguish us: pursuit of excellence, quality in execution, strong entrepreneurial courage, moderated by careful prudence, attention to sustainability and inclusion. In the next few days we will publish a new Business Plan, which will take into account the integration of Akita Film into our Group".

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.
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