Millennium Services Group Limited (ASX:MIL) entered into a binding agreement to acquire Airlite Group for AUD 25.1 million on October 21, 2016. As per terms, Millennium agreed to pay AUD 25.1 million cash, plus the right for a further earn out of 4 times the amount that Airlite’s 2017 earn-out EBITDA exceeds AUD 6.25 million. The acquisition will be funded through AUD 42 million consolidated debt facility package finalized with ANZ Bank. Upon completion of the acquisition, Ross Gavranich, Executive Chairman of Airlite Group, will join the Millennium Services Group Board. The deal is subject to several conditions precedent and completion is expected to occur imminently. The acquisition of Airlite Group is expected to be immediately EPS accretive. Tim Duncan of Hintons acted as public relation advisor for Millennium Services Group Limited.