LSL Property Services plc (LSE:LSL) agreed to acquire Tenetlime Ltd from Tenet Group Limited for £12.9 million on August 21, 2023. The consideration payable is consisting of an initial payment of up to £5.6 million, calculated by reference to the number of appointed representative firms at completion and the turnover of these firms in 2022, a further payment of up to £4.5 million, calculated by reference to the number of appointed representative firms 12 months following completion and the turnover of these firms in 2022, and an expected payment of £2.8 million for assets which form part of TenetLime's regulatory capital. The total consideration payable at completion is subject to adjustments based on the net asset value of TenetLime at that time.

The acquisition is being financed from LSL's existing cash resources. After a short period of transition, TenetLime members will be integrated fully in the operations of LSL's PRIMIS Network. The acquisition allows LSL to leverage its existing network infrastructure to deliver synergies and enhance the Group's margin.

The acquisition is subject to FCA approval.