Metcash Limited (ASX:MTS) entered into a proposal of interest to acquire a 70% stake in Total Tools Importing Pty Ltd for approximately AUD 57 million on June 22, 2020. The acquisition agreement includes a customary adjustment mechanism relating to movements in working capital and cash/debt like items at completion. As of July 27, 2020, Metcash Limited (ASX:MTS) entered into a binding agreement to acquire a 70% stake in Total Tools Importing Pty Ltd. The proposal includes Metcash a clear pathway to acquire remaining 30% stake in Total Tools within next three years, by way of put and call arrangements. The acquisition is being funded out of existing cash reserves of Metcash Limited. Total Tools reported a revenue of AUD 555 million for the year ended December 31, 2019. Transaction is subject to approval from Australian Competition & Consumer Commission. As on August 20, 2020, the ACCC will not oppose Metcash Limited’s acquisition of a 70% in Total Tools Importing Pty Ltd. Luminis Partners Pty Ltd. acted as financial advisors, Baker & McKenzie acted as legal advisor, KPMG Australia acted as accountant to Metcash Limited. Miles Advisory Partners Pty Ltd. acted as financial advisor and PricewaterhouseCoopers Australia acted as accountant to Total Tools Importing Pty Ltd. Michael Ziegelaar, Ling Zhu, Yael Boneh and Andrew Julian of Herbert Smith Freehills acted as legal advisors to Total Tools Importing Pty Ltd. Metcash Limited (ASX:MTS) completed the acquisition of a 70% stake in Total Tools Importing Pty Ltd on September 1, 2020. Mark Laidlaw has agreed to take on the role of Chairman of the Total Tools Board.