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CRC Ends Earnout Agreement With Final Payment.

UK-based IT repair company CRC Group Plc has revised the deal under which it acquired mobile phone repair company AIDL Group in 1998, ending a complicated earnout arrangement that ran until 2001 with a final payment of 3.5m pounds ($5.5m). This brings the total price paid for AIDL to 14.5m pounds ($22.8m). Directors felt that uncertainty over the likely amounts of future payments under the earnout deal was deterring potential investors.

CRC provides a pan-European repair process appealing to major IT suppliers who want to outsource the warranty and repair business. It also expects to benefit from European legislation that will force firms to offer a warranty service across Europe and not just in the country where the equipment was bought.
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Publication:Computergram International
Geographic Code:4EUUK
Date:Jul 8, 1999
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