IPH Limited (ASX:IPH) entered into non-binding indicative proposal to acquire QANTM Intellectual Property Limited (ASX:QIP) for AUD 270 million on May 7, 2024. IPH will acquire QANTM for 0.291 IPH shares for each QANTM share held and a special dividend of AUD 0.11 cash for each QANTM share held subject to the assumptions and conditions outlined in this letter. The deal is subject to consummation of due diligence, approval from board of directors of IPH and QANTM, and Australian Competition and Consumer Commission, and New Zealand Commerce Commission.

Agreement is expected to be signed by late May/Mid June, 2024, and the deal is expected to be completed by Q3/Q4, 2024. Macquarie Capital acted as financial advisor, and Bird & bird and webb Henderson acted as legal advisor to IPH.