Wey Education plc (AIM:WEY) agreed to acquire Academy 21 Limited from Sullivans family for £2.17 million on November 15, 2017. The deal value consists of an initial cash consideration of £1.47 million with a further cash payment of up to £0.7 million by way of an earn out based on the increase in turnover to the year ended August 31, 2017, and is to be paid in cash. For the year ended August 31, 2017, Academy 21 reported an annual turnover of £1.03 million, net assets of £0.39 million and profit after tax of £0.13 million. Completion of the acquisition is expected to take place on the completion of legal and accounting work which is progressing but which will not be concluded until after the placing of up to approximately 22.73 shares million. Mike Coe and Ed Allsopp of WH Ireland Limited acted as financial advisor for Wey. Wey Education plc (AIM:WEY) completed the acquisition of Academy 21 Limited from Sullivans family for £1.6 million on December 27, 2017. The deal value consists of a cash consideration of £1.59 million which may rise to £1.6 million dependant on the collection of certain debtors. The transaction is funded from part of the proceeds of Wey's gross £5 million placing, which completed in November 2017. Sullivan Family resigned as directors of Academy 21 on completion of the acquisition.