U.K.-based Charles Taylor PLC, through its Charles Taylor InsureTech Ltd. and Charles Taylor Insurance Services Ltd. units, completed the acquisition of the principal entities of Latin America-focused insurance consultancy and software firm Inworx on May 10.
Charles Taylor InsureTech Mexico SA de CV also completed the acquisition of the business and assets of Inworx SA de CV.
The completion comes after the placement of 6,770,800 new ordinary shares in Charles Taylor at 1 penny apiece for a price of 260 pence per share, raising proceeds of about £17.6 million.
Under the deal, the Inworx entities acquired were Inworx Argentina SA, Softseg SA, Inworx Peru SAC and the business and assets of Inworx SA de CV, Inworx IT Solutions LLC and Inworx SA. The deal is expected to neutrally impact Charles Taylor's reported EPS for 2018 and enhance it in 2019.
The maximum consideration for the deal is $50.5 million.
