PSC Insurance Group Ltd (ASX: PSI) has announced the acquisition and completion of Carroll Insurance Group (CIG).
Key terms of the transaction are:
- 100% of the share capital was acquired for ~ Â£3.4 million (~ A$6.3 million), excluding net assets
- 70% of the consideration is payable in cash on completion (~ Â£2.4 million), with the balance after 12 months, with the final 30% adjustable, dependent on the revenue after 12 months.
The company expects the incremental revenue from CIG to be ~ Â£2.0 million per annum.