discoverIE Group plc (LSE:DSCV) agreed to acquire Silver Telecom Limited for £44 million on August 1, 2023. An initial cash consideration of £21 million on a debt free, cash free basis, before expenses, which will be funded from the Group's existing debt facilities. In addition, an earn-out of up to £23 million will be payable subject to Silvertel?s performance over the next four years. Silver Telecom has gross assets of £4.6 million. Silvertel team will join the discoverIE Group. Silvertel is owned by retired co-founder Chris Green, Steve Edwards (co-founder and CEO), and a number of minority shareholders. Steve Edwards will remain in the business as Chairman. The current COO, Sean Edwards, will manage the company as its new Managing Director. Completion of the acquisition is subject to approval under the UK National Security & Investment Act, which is expected to be received later this quarter.

discoverIE Group plc (LSE:DSCV) completed the acquisition of Silver Telecom Limited on August 31, 2023. The acquisition was approved under the UK National Security & Investment Act 2021, which have now been received. The acquisition is expected to be immediately accretive to Group underlying earnings and underlying operating margin.