SciDev Ltd (ASX: SDV) has reported that it entered into a binding Heads of Agreement (HOA) to acquire ProSol Australia Pty Ltd. ProSol provides services to mining and water treatment industries in NSW.
- The transaction is expected to deliver revenues of $2 million to $4 million per annum from the Hunter Valley coal industry.
- SDV to acquire ProSol for $1.9 million in total, 55%:45% cash equity split in three tranches with performance hurdles.
By 12:40 PM AEST, SDV was trading at $0.575, up by 2.68% relative to the previous close.
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