Milan, 31 August 2012. Following the press release of 1 August 2012, Fiera Milano SpA announces that today it has completed the acquisition of 75% of the share capital of Cape Gourmet Food Festival PTY Ltd.
This acquisition involves an investment of 54.0 million South African rand (Euro 5.3 million). 80% of this figure, or 43.2 million South African rand (Euro 4.3 million), is payable on finalisation of the contract to purchase the shares whilst the remaining amount will be paid in two tranches that are dependent on the Good Food & Wine Show achieving certain gross profit targets for the 2012 and 2013 financial years. Should these targets fail to be reached, the purchase price will be proportionally reduced.
For the original announcement click Fiera Milano