Chinese eco-friendly building products manufacturer Yulong Eco-Materials Limited (YECO) has inked a $75 million deal to purchase Italian sculptor, painter, architect and poet's crucifixion painting.
Under the terms of the sale and purchase agreement, the acquisition will be paid via the issuance of 7.5 million YECO restricted shares valued at $10 per share.
The closing will be contingent upon obtaining YECO shareholder approval, and an appraisal of the painting or more along with authentication letters and other verification documents from the seller.
The two parties have 30 days to complete the acquisition.