Comair Limited (JSE:COM) entered into an agreement to acquire Star Air Maintenance Proprietary Limited/Star Air Cargo Proprietary Limited from Sundrops Investments Proprietary Limited, Smashing Star Investments Proprietary Limited and Marcel Liebenberg for ZAR 75 million on May 30, 2019. The purchase consideration included ZAR 30 million within five business days of the fulfillment of all conditions precedent, ZAR 22.5 million on the first anniversary of the completion date, ZAR 22.5 million on the second anniversary of the completion date. The Comair shall also pay the sellers an amount equal to 83% of the net profit after tax as stated in the annual financial statements of Star Air Maintenance Proprietary Limited/Star Air Cargo Proprietary Limited for the financial years commencing on 1 July, 2019 (accounting date), calculated in aggregate for Star Air Maintenance Proprietary Limited/Star Air Cargo Proprietary Limited within three months of each anniversary of the accounting date up to and including the third anniversary of the accounting date, unless the company exercises the option within 30 days following each anniversary of the accounting date, the Comair shall have the right to elect to pay a once-off settlement price being the aggregate amount of ZAR 150 million less all amounts of the purchase consideration that the Comair has already paid to the sellers prior to the date on which the Comair elects to pay this settlement price. The transaction is subject to approvals by board of selling parties and Comair, shareholders of Star Air Maintenance Proprietary and Star Air Cargo Proprietary and antitrust approval. As of December 12, 2019, the transaction was approved by the Competition Tribunal of South Africa. The deal is expected to get closed on July 1, 2019. Comair Limited (JSE:COM) cancelled the acquisition of Star Air Maintenance Proprietary Limited and Star Air Cargo Proprietary Limited from Sundrops Investments Proprietary Limited, Smashing Star Investments Proprietary Limited and Marcel Liebenberg on March 31, 2020. Shareholders terminated the agreement by the parties by mutual consent.