Michael Hill International Limited entered into a binding agreement to acquire Business and selected assets of Bevilles for AUD 46.1 million.

Michael Hill International Limited (ASX:MHJ) entered into a binding agreement to acquire Business and selected assets of Bevilles for AUD 46.1 million on April 19, 2023. Consideration will consist of cash upfront and earn-out payments over two years with a minimum payment floor of AUD 1 million. Transaction will be funded from existing cash reserves of Michael Hill and its undrawn debt facility.

Transaction is subject to satisfaction of certain conditions precedent receipt of regulatory approvals from ACCC and Fair Work Commission, transfer of leases, people and contracts, and release of guarantee/security arrangements. Transaction is expected to complete on complete in Q2 CY2023. The transaction is expected to be immediately EPS accretive.