Vonex Limited (ASX:VN8) entered into a binding Share Acquisition Agreement to acquire Voiteck Pty Ltd for AUD 5.5 million on December 14, 2021. Total upfront consideration of AUD 2.75 million comprises AUD 2.2 million payable in cash and AUD 0.55 million in escrowed shares consisting of 5 million ordinary shares at a deemed issue price of AUD 0.11, to be escrowed for between 6 months and 24 months post issue. The cash component of the upfront consideration will be paid utilizing Vonex's existing cash reserves. Additional consideration of up to AUD 2.75 million may be paid to the vendors subject to the realization of certain synergies and EBITDA growth delivered in FY22 and FY23. For the year ending on September 30, 2021, Voiteck reported revenue of AUD 3.3 million and EBITDA of approximately AUD 0.6 million. Declan O'Callaghan will become a Vonex employee along with staff on completion of the transaction and Declan is incentivized to remain in the business post completion. The transaction is subject to change of control consents from key suppliers, completion of the Voiteck FY21 ending on June 30, 2021 tax return and key employees of Voiteck continuing with their employment post Completion. The transaction is expected to close in January 2022. The transaction is double-digit EPS accretive on a full year basis.

TCA Partners Pty Ltd acted as financial advisor to Vonex.

Vonex Limited (ASX:VN8) completed the acquisition of Voiteck Pty Ltd on January 5, 2022.