Wentronic Holding Gmbh agreed to acquire 46.77% stake in Cellnet Group Limited (ASX:CLT) for approximately AUD 3.1 million on May 11, 2023. The deal is subject to court approval, Cellnet board and shareholder approval. As of July 4, 2023, Federal Court of Australia approves distribution of Scheme Booklet and convening of Scheme Meeting.

As of August 7, 2023, Cellnet Shareholders approved the transaction. As of August 10, 2023, Federal Court of Australia approved the scheme of arrangement. The transaction is expected to complete on August 11, 2023.

The scheme is expected to be implemented by August 25, 2023. Link Market Services Limited acted as registrar, KHQ Lawyers acted as legal advisor and Pitcher Partners Corporate Pty Ltd. acted accountant for Cellnet. PKF Melbourne Corporate Pty Ltd acted as fairness opinion provider for Cellnet Group.