The management team of Alexander Proudfoot entered into an agreement to acquire the entire share capital of Alexander Proudfoot Serviços Empresariais Ltda from Management Consulting Group PLC (LSE:MMC) for $0.08 million on May 4, 2018. For the year ended December 31, 2017, Alexander Proudfoot Serviços Empresariais generated revenues of £2.4 million ($3.2 million) and an operating loss before tax of £1.9 million ($2.6 million) and as at the same date had gross assets of £1.2 million ($1.62 million). The transaction is subject to customary closing conditions, an advance cash payment by Management Consulting Group to increase the capital base of Alexander Proudfoot Serviços Empresariais, the re-classification of balances to become net loans due to the Management Consulting Group of £0.75 million ($1.01 million) and the parties entering into a licensing agreement. The management team of Alexander Proudfoot completed the acquisition of the entire share capital of Alexander Proudfoot Serviços Empresariais Ltda from Management Consulting Group PLC (LSE:MMC) on May 23, 2018.