CML Group Limited (ASX: CGR) entered into an agreement to purchase all shares of Classic Funding Group (CFG), an asset finance solutions provider to customers, including equipment finance & invoice discounting, for $11 million. The company in last 2 years has extended its offerings through the launch of Invoice Discounting & Equipment Finance. The company has achieved record volumes in July 2019 for Invoice Finance and in August 2019 for Equipment Finance
- Acquisition would be funded by existing equity on the balance sheet
- Will lead to strong foothold in both the offering
By 3:40 PM AEST, CGR was trading at A$0.5, up by 19.05% from the previous close.