In a press conference a few minutes ago, GGF CEO Hans Pandeya confirmed that the Pirate Bay acquisition will go through. Earlier today the financing and legalization plan was presented to the shareholders, who unanimously decided to give the acquisition the green light.

The ownership of the site will be transferred inside a month, and within that period GGF will have to pay 60 million kroner ($7.8m) to the Pirate Bay’s current owners – Reservella.

Today, GGF shared its plans with the shareholders, who all decided in favor of the deal.

After several investors decided to pull out, GGF’s shareholders – including the CEO who holds more than half of the shares – will finance the acquisition themselves.

After the domain has been transferred to GGF, the new Pirate Bay will be transformed into a pay site charging users for access. To please the entertainment industries, GGF will install a system that will allow the copyright holders to either authorize the ‘illegal’ torrents or have them removed from the site.

How pleased the copyright holders will be with this new legalization plan is seriously up for debate – Dutch anti-piracy outfit BREIN has already stated that it is insufficient.

There are currently no licensing agreements in place with the entertainment industry, but despite the criticism GGF hopes to partner with most of the major movie studios and record labels within a year.

In addition to the Pirate Bay acquisition, GGF also confirmed that it will buy the file-sharing technology company Peerialism for 100 million Swedish kroner. Peerialism will provide core technology for the new Pirate Bay.