Lindicom Proprietary Limited completed the acquisition of 51% stake in SGRP Meridian Ltd from SPAR Group, Inc..
May 01, 2024
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Lindicom Proprietary Limited agreed to acquire 51% stake in SGRP Meridian (pty) Ltd from SPAR Group, Inc. (NasdaqCM:SGRP) for approximately ZAR 180 million on February 7, 2024. Prior to this transaction, Lindicom was a holding 49% stake in SGRP Meridian. In a separate transaction, An Unknown buyer agreed to acquire the remaining stake in SGRP Brasil Participações Ltda for approximately ZAR 220 million. As part of the divestiture agreements, Australia and The Meridian Group have also entered into software as a service (SAAS) agreements with SPAR Group to continue the use of SPAR?s technology. These transactions have been approved by the SPAR Board of Directors and are expected to close in the second quarter.
Lindicom Proprietary Limited completed the acquisition of 51% stake in SGRP Meridian (pty) Ltd from SPAR Group, Inc. (NasdaqCM:SGRP) on May 2, 2024. The Closing conditions under that agreement were satisfied in all material respects by March 31, 2024. and on April 29, SPAR Group received ZAR 144,560,000 from Lindicom. The remaining purchase price will be paid on December 31, 2024 or 2025, depending on certain financial triggers, and its payment is secured by an irrevocable unconditional guarantee from Investec Bank Limited.
SPAR Group, Inc. is a global merchandising and brand marketing services company. The Company is engaged in offering merchandising, marketing and distribution solutions to retailers and brands. It provides the resources and analytics that improve brand experiences and transform retail spaces. Its segments include Americas; Asia Pacific (APAC), and Europe, Middle East, and Africa (EMEA). The Company provides six principal types of services: merchandising and marketing, category management and setup, remodel and retail transformation, assembly and installation, business analytics and insights, and fulfilment and distribution. It represents various manufacturers and/or retail clients in a range of retail segments and stores worldwide. Its clients in the retail segments include convenience, cash and carry, home improvement, consumer electronics, automotive, and others. Its clients in the manufacturer segments include personal technology, consumer electronics, consumables, and others.
SPAR GROUP, INC. 
