Australian independent property valuation and consultancy firm LandMark White Ltd. entered into a deal to acquire local peer Taylor Byrne Pty. Ltd. for a total of A$10.3 million.
The two parties have come to terms a day after LandMark White offered to buy Taylor Byrne, which has 26 offices across Queensland and New South Wales, according to a release.
LandMark will pay roughly A$5.2 million of the total consideration in cash and the remaining amount via 8,583,333 of its fully paid ordinary shares priced at 60 Australian cents apiece. Shareholders of Taylor Byrne have until Oct. 15 to accept the share offer, which is subject to voluntary escrow, with 25% of the shares to be released every 6 months starting one year from the settlement of the deal.
The acquisition of Taylor Byrne is expected to complete Oct. 15, the same day the consideration shares will be issued to the target's shareholders.