HiTech Group executes $7M Hudson asset deal
HiTech Group signed an asset sale deed to acquire assets from Hudson Global Resources.
The revised upfront purchase price stands at $7 million with up to $3 million in deferred consideration.
Completion of the deal is scheduled for Sept. 11, pending remaining conditions.
HiTech Group Australia (ASX:HIT) has signed a long-form asset sale deed to acquire specific assets from Hudson Global Resources (Aust) for a revised upfront purchase price of $7 million.
The agreement formalises a binding term sheet initially announced on July 20 and follows unconditional clearance from Australia's competition regulator.
Under the updated terms, HiTech will deduct estimated employee entitlements of approximately $1.8 million from the purchase price and pay up to $3 million in earn-outs.
The transaction is scheduled to complete on Sept. 11 once the remaining conditions precedent are satisfied.
Following the announcement, the HiTech Group Australia share price was unchanged at $1.30.
The target company entered voluntary administration in April before entering negotiations to sell its operating recruitment assets.
