Janison Education Group Limited (ASX:JAN) entered into a binding agreement to acquire Academic Assessment Services Pty Ltd for AUD 17 million on November 24, 2021. Under the terms, Janison Education Group Limited will pay an upfront payment of AUD 9 million comprising of AUD 6 million in cash and AUD 3 million in ordinary shares. Furthermore, an additional AUD 8 million maybe payable on the completion of the FY23 financial year comprising AUD 1 million in cash and AUD 7 million in ordinary shares subject to a minimum operating revenue target of AUD 11 million in FY22 and FY23 combined and being measured and paid on completion of FY23. Also, earnout consideration will be adjusted up AUD 0.50 for every AUD 1 of operating revenue above the AUD 11 million target and down by AUD 1 for every dollar below. The cash consideration will be funded from Janison's cash balance. Shares issued as part of the upfront consideration and earnout consideration will be escrowed for six months from the date of issue with controlled sell-down requirements. The transaction is expected to be completed on or around November 25, 2021. Ashley Rose, Nicola Martin, Louise Boyce and Erin Kidd of Squire Patton Boggs acted as legal advisors to Janison Education Group.

Janison Education Group Limited (ASX:JAN) completed the acquisition of Academic Assessment Services Pty Ltd on November 29, 2021.