Hester Biosciences Limited agreed to acquire an 50% stake in Thrishool Exim Limited for $2.5 million.

Hester Biosciences Limited (BSE:524669) agreed to acquire 22.5% stake in Thrishool Exim Limited for $2.8 million on November 9, 2021. The transaction will be settled for an upfront cash payment of $2.3 million and an additional payment of $0.25 million each in next two years upon achieving the specified EBITDA. Under the terms of the transaction, Hester will acquire 486 shares.

Additionally, Hester will subscribe to 1,188 shares. Post completion which will result in Hester holding 50% stake in Thrishool. The turnover of Thrishool in the last financial year, ending December 31, 2020, was $3 million.

The proposed transaction is subject to receipt of approval from Tanzanian Fair Competition Commission and Tax Clearance Certificate from Tanzania Revenue Authority.