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Be TSE GmbH reached 100% of share capital of R&L AG

Be Think, Solve, Execute GmbH30.01.2019

Be Think Solve Execute S.p.A. (Be or the Company), listed on the STAR segment of the Italian Stock Exchange, completed the full acquisition of its German subsidiary R&L AG, reaching the ownership of 100% of its share capital. The transaction was finalized through Be TSE GmbH, the sub-holding of Be in the DACH Region, which already owned 58.8% of R&L AG, and is preparatory to the integration of the German subsidiaries in Bavaria in a unique specialized hub counting more than Eur 25 million revenues.
The DACH Region (Munich, Frankfurt, Vienna and Zurich) exceeded in 2018 Eur 43 million revenues (Eur 38.1 million in 2017) and is expected to keep on growing in the current year, as well as in the medium terms.
R&L AG joined Be in 2016, contributing with a strong specialization in the Financial Services market, thanks to its deep competences in the Payments sector. In 2018 R&L AG is expected to reach approx Eur 1.3 million operating margin.
The transaction anticipates the earn out plan established with Stefan and Lena Reither when entering the Company. The price paid for the acquisition of 41.16% of the share capital was set at euro 2.068 million. The price includes a stability agreement with the CEO Stefan Reither at least until the end of 2021.