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Australia : BigAir agrees to buy ORIEL TECHNOLOGIES for around AUD 15 MILLION.

BigAir Group announced the buyout of entire shares of Oriel Technologies for an upfront cash consideration of AUD 4.21 million, and two additional earn out payments based on the performance of Oriel in FY2015 and FY2016.

It is estimated that the transaction will be closed on or before 31 December 2014.

It is informed that the total acquisition price is capped at AUD 15 million. The upfront cash consideration will be funded with an increased debt facility and the earn out payments from future operating cash flows.

Following the acquisition, Oriel will serve as a wholly owned subsidiary within the BigAir Group.

BigAir expects a significant boost in its cloud and managed services business through this acquisition.

2014 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).

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Publication:Mena Report
Date:Nov 19, 2014
Words:130
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