Nasstar plc (AIM:NASA) agreed to acquire Modrus Ltd from Edward Armitage, Maria Armitage and Mark Osborne for £13.3 million on August 12, 2016. Under the terms of the transaction, Nasstar will acquire Modrus on cash and debt free basis and pay £11.7 million in cash and issue 17.333334 million ordinary Nasstar shares as the consideration. Concurrently, Nasstar will undertake placing of 177 million shares to raise £13.3 million and fund the cash part of the consideration. For the year ending March 31, 2016, Modrus reported revenues of £6.1 million, adjusted EBITDA of £1.6 million, profit before tax of £0.96 million and net assets of £0.65 million. Upon completion, Edward Armitage and the management team of Modrus will remain with the Nasstar and its subsidiaries for a minimum period of twelve months. Transaction is subject to Nasstar's shahreolders' approval and listing of new shares on the stock exchange. The transaction is expected to close on September 2, 2016 and to be earnings enhancing for Nasstar. Julian Blunt, Matt Goode, James Thompson and Simon Johnson of finnCap Limited acted as financial advisors to Nasstar. James Chapman-Andrews, Marc Horn and David Rogers of Oakley Advisory Limited acted as the financial advisor for Modrus. Peter Jeffery, Thomas Clark, Alexandra Clapp, Katherine Maxwell and Sabrina Umrani of Moore & Blatch acted as legal advisors to Edward Armitage, Maria Armitage and Mark Osborne. Simon Charles, Tony Morris, Aideen Burke, Richard Woods, Olga Ayers, Bob Cordran, Katherine de Souza, Guy Hitchin and Sam Swann of Marriott Harrison LLP acted as legal advisor to Nasstar. Nasstar plc (AIM:NASA) completed the acquisition of Modrus Ltd from Edward Armitage, Maria Armitage and Mark Osborne on September 2, 2016.