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Midwich expands into Middle East with NMK acquisition
StockMarketWire.com
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Specialist audio visual distributor Midwich said it had agreed to enter the Middle East via the acquisition of a controlling stake in NMK, for around £14.2 million.
The deal would see Midwich acquire 80% of the voting rights of each of NMK's companies for an initial cash consideration of AED 49.8 million (around £10.0 million).
That would be followed by an additional AED 21.0 million in cash (around £4.2 million) six months later.
Completion, which was subject to local regulatory approvals, was expected in early 2021.
'The Middle Eastern market is one of the fastest growing AV markets in the world according to trade body AVIXA,' Midwich said.
'The deal further expands Midwich's geographical footprint, enabling the Group to extend the support it can provide to customers and vendors internationally.'
Story provided by StockMarketWire.com
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