Codan Limited (ASX:CDA) entered into a binding agreement to acquire Eagle NewCo Limited from NEC Software Solutions UK Limited for AUD 22 million on August 2, 2023. The transaction will be funded by Codan?s existing debt facility. Codan expects to spend a further approximately AUD 3 million in set up and in integration costs over the next 12 months. Eagle achieved EBITDA of approximately AUD 3 million in the year ended March 31, 2023. Approximately 45% of Eagle?s existing revenues of AUD 21 million come from recurring support and services contracts. Codan welcomes all Eagle staff and customers to affect a seamless integration with Codan. Paul Sigar, Daniel Kiley, Cameron Pitt, Sam Reidy, Cam Steele and Jamie Restas of HWL Ebsworth Lawyers Pty Ltd. and Field Seymour Parkes LLP acted as legal advisor to Codan Limited.

Codan Limited (ASX:CDA) completed the acquisition of Eagle NewCo Limited from NEC Software Solutions UK Limited on August 2, 2023.