Australian property valuation and consultancy LandMark White Ltd. closed its takeover of local peer company Taylor Byrne Pty. Ltd. through an approximately A$10.3 million deal to purchase all the target's issued shares.
The takeover saw LandMark White pay approximately A$5.2 million of the total consideration in cash and the remaining amount through 8,583,333 of its fully paid ordinary shares priced at 60 Australian cents apiece.
Taylor Byrne shareholders received cash from LandMark White and fully paid ordinary shares, which are subject to voluntary escrow, with a quarter of the shares released every half a year. The first share release will take place within the next 12 months, according to an announcement.
The takeover will anchor LandMark White as the largest listed valuation services business in Australia.
LandMark White will work with Taylor Byrne and the transaction committee for the integration of operations.