Move Logistics Group Limited has signed an agreement to acquire Fluidex Transport Limited from Tony Galbraith for NZD 15.2 million.

Move Logistics Group Limited (NZSE:MOV) has signed an agreement to acquire Fluidex Transport Limited from Tony Galbraith for NZD 15.2 million on August 24, 2022. The purchase price is approximately NZD 15.2 million with initial consideration of NZD 7 million payable at settlement, which will be funded from existing bank facilities. A final payment of NZD 8.2 million is payable on 31 July 2024.

The acquisition is conditional on MOVE completing its due diligence enquiries, the assignment of key contracts to MOVE and no material adverse event occurring prior to settlement. In addition, Tony Galbraith has a board and shareholder approval condition which is to be satisfied on or before August 30, 2022. Transaction is expected to settle in on or before October 30, 2022.