Mayfield (ASX:MYG) fully buys ATI Australia, shares surge on ASX


  • Mayfield Group Holdings Limited has entered into a conditional agreement to buy the remaining 60% interest in ATI Australia Pty Ltd (ATI).
  • This suggests that after the completion of this deal ATI will become a 100% subsidiary of Mayfield.
  • Today, the shares gained over 14% backed by the same news.

The share price of electrical manufacturing business Mayfield Group Holdings Limited (ASX:MYG) gained 14.285% to close the session at AU$0.440 per share as the Company announced its decision to buy the remaining 60% interest in ATI Australia Pty Ltd. On completion, ATI will become a wholly-owned subsidiary of Mayfield.

Founded in 1991, ATI is a provider of telecommunication system with engineering capability in network and ancillary systems design. For the year ended 30 June 2021, ATI reported an unaudited net profit after tax (NPAT) of AU$1.068 million. It is to be noted that ATI is 60% controlled by the family companies associated with the current senior executives of ATI, Peter Choquenot and Arawa Driscoll, and 40% by Mayfield.

The announcement said that the acquisition term requires the two vendors - Lochani Pty Ltd (Peter Choquenot) and Dhoo-Gunya Pty Ltd (Arawa Driscoll) (Vendors), to sell their 60% interest in ATI to Mayfield. The consideration payable for the 60% interest is AU$1.952 million, subject to an audit of the FY21 results. The acquisition is slated to be completed on or before 31 October 2021.

The other terms of the acquisition include:

  • The Consideration is payable wholly by the issue of Mayfield fully paid ordinary shares at 40.63c per share.
  • The Consideration Shares will be issued on the Completion Date.
  • An extra earnout payment will be made to the Vendors concerning the years ended 30 June 2022 and 2023 in the event that the revenue of ATI in those years is more than the revenue for the year ended 30 June 2021.
  • Each of the Vendors will continue to be employed by ATI on employment contracts.


Acquisition mostly shows that a Company is in good financial health. The current share price suggest that the market took the agreement news positively.





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