Site Group International completes acquisition of Innovium
Site Group International (ASX:SIT) has completed the acquisition of Innovium Pty Ltd which is expected to be immediately earnings accretive.
Innovium is focussed on training programs including Project Management and Business for individuals and corporate clients.
Consideration for the acquisition comprises:
- Upfront: 1.0 x FY15 EBITDA (equity);
- Earn out: 1.0 x FY16 EBITDA (2/3 equity and 1/3 cash); and
- Earn out: 0.5 x FY17 EBITDA (2/3 equity and 1/3 cash).
The upfront equity consideration will be issued at $0.35 being the 30 day VWAP and the earn-out equity consideration will be issued at the 30 day VWAP to 30th June 2016 and 30th June 2017.
Earlier this month Site Group completed the acquisition of Wild Geese International Pty Ltd which delivers training and competency development consultancy and personnel services to the oil and gas Industry.
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