MILAN (AIMnews.it) - Safe Bag, active in the protection and baggage tracing services for airport passengers, has concluded a binding agreement with the reference shareholders for the purchase of 51% of the PackandFly group companies, the main operator of the Russian Federation, active also in Europe and Asia, present in 24 airports with about 60 sales points and a group turnover in 2017 of approximately 16 million euros and a group EBITDA of about 3.5 million euros. The agreement follows the negotiations after the letter of intent signed on February 1, 2018. The completion of due diligence is expected by April 30 and within 7 working days following Safe Bag will inform the Pack & Fly Group of the outcome in writing. If successful, the subscription of the investment agreement (Closing) is fixed by July 30th.