Johannesburg - Supplier of industrial and security products Hudaco Industries
[JSE:HDC] said on Wednesday that it had fulfilled all conditions precedent to its acquisition of the assets and liabilities of Global group.
In November, Hudaco said it had acquired Global, consisting of Global Communications, Ikwezi Maintenance, and Communications, subject to the approval by the relevant competition authorities, the satisfactory due diligence, consent by the major suppliers of Global to continue their supply arrangements, the transfer of the lease over Global's property in Pretoria, and the conclusion of service agreements and restraint of trade agreements by Global's major shareholders.
"Shareholders are advised that all of the suspensive conditions have been met," Hudaco said.
The purchase consideration would be a multiple of the average profit after tax - but before interest - of Global for the three years ending November 30 2013.
This was subject to a maximum consideration of R172.5m settled out of Hudaco's available cash resources.