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AB Dynamics completes Vadotech Group acquisition for up to €26m
StockMarketWire.com
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Automotive services provider AB Dynamics completed the acquisition of Vadotech and Zynit, part of the Vadotech group, for up to €26.0 million.
The acquisition provided a 'significantly larger physical presence for AB Dynamics in Asia Pacific and the group will invest approximately £1.0 million in the integration to establish a strong regional hub for the wider business,' the company said.
The company also provided an update on current trading conditions with performance for the six months ended 28 February 2021 in line with the board's expectations.
The deal included an initial cash consideration of €17.0 million, funded from the company's existing cash resources.
Two further cash earn out provisions of up to €3.0 million and €6.0 million, subject to certain performance criteria being achieved for the year ended 31 December 2020 and the year ending 31 December 2021, respectively.
At 10:17am: (LON:ABDP) AB Dynamics PLC share price was 0p at 2040p
Story provided by StockMarketWire.com
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