PSC Insurance Group (ASX:PSI) has revealed its intention to obtain complete ownership of Ensurance (ASX:ENA), via a scheme of arrangement, subject to various conditions, and approvals.
The acquisition is expected to be finalized by late November 2023.
The purchase price will be determined as the higher value between $25.2 million, and 5,000,000 fully paid ordinary shares in PSC Insurance, to be settled through the issuance of PSC shares to ENA shareholders.
After the deal, ENA will cease to be listed, and become wholly owned by PSC Insurance Group.