Acal plc (LSE:ACL) acquired Contour Electronics Asia Ltd and Contour Holdings Ltd from Nick Foster and Ian Aldridge for £24 million on January 8, 2016. Under the terms of the agreement, Acal plc will pay £14 million in cash, funded from the Group's existing debt facilities and issue 1.08 million new ordinary shares in Acal to an approximate value of £3 million. Deferred consideration of £1 million is payable in April 2019, subject to certain conditions and additional contingent consideration of up to £6 million will be payable after July 2019, subject to Contour achieving agreed growth targets. Contour reported revenues of £10.7 million, profit before tax of £1.8 million and gross assets of £5.1 million for the year ended June 30, 2015. Nick Foster and Ian Aldridge are both Directors of Contour and will continue in their roles. The acquisition is expected to be immediately enhancing to underlying earnings. Mark Garraway, Helen Tarbet and James Gray acted as a PR advisor to Acal plc.

Acal plc (LSE:ACL) completed the acquisition of Contour Electronics Asia Ltd and Contour Holdings Ltd from Nick Foster and Ian Aldridge on January 8, 2016.