Src Hydro srl and Arnolfo S.r.l. signed a preliminary agreement to acquire 51% stake in Frendy Scotta Srl from Frendy Energy S.p.A. (BIT:FDE) for €4.6 million in cash on October 30, 2016. As part of consideration, Src Hydro paid €0.2 million and Arnolfo paid €1.5 million as initial payments through the promissory assignees. The balance will be paid by the end of 2016. Frendy Energy's Board approved the transaction. The total consideration is expected to range between €4.4 million and €4.6 million adjustable based on accounting effects. Under the terms of the transaction, Src Hydro will acquire 6% stake and Arnolfo will acquire 45% stakes while Frendy Energy will cease to retain its investment in Frendy Scotta. The transaction is recorded effective October 31, 2016. Integrae Sim acted as financial advisor for Frendy Energy. Src Hydro srl and Arnolfo S.r.l. cancelled the acquisition of 51% stake in Frendy Scotta Srl from Frendy Energy S.p.A. (BIT:FDE) on October 30, 2017.