Zamaz PLC (LSE:ZAMZ) said the interest its wholly owned subsidiary Bella Dispensa has agreed to buy in the Milan-based luxury food products business Eccellenze Srl has been increased to 72.61% from the 70% stake announced last month.
The purchase price has therefore been raised to €438,840 from €410,000, to be paid in the form of 3,470,820 new Zamaz shares issued to the vendors, the London-based international e-commerce and retail technology company said in a statement.
Bella Dispensa has a three-year option to acquire the remaining 27.39% of Eccellenze for a further € 241,500 in shares.
"We are delighted to have been able to acquire this additional stake in Eccellenze, which provides us with an even greater opportunity to benefit from the very substantial growth in online luxury food and grocery shopping both in Italy and internationally, whilst at the same time further expanding our premium customer base who require and appreciate our ethos of quality and sustainability," commented Daniele Besnati, the managing director of Bella Dispensa.