NMG Corp. Ltd. executed a conditional agreement to acquire Acrow Holdings Pty. Ltd., a formwork systems and hire equipment provider.
The company will pay the purchase price to acquire the entire issued capital of Acrow, valued at about A$30.0 million, through the issue of a minimum of A$25.0 million of new shares under a prospectus, which will be lodged as part of the transaction.
One of NMG's current directors will resign on completion of the deal, and two nominees from Acrow, including Peter Lancken as nonexecutive chairman, will join the company's board.
The completion of the transaction will be subject to a number of conditions, which includes re-compliance with chapters 1 and 2 of the ASX listing rules.
The transaction is expected to complete in early March 2018.