PPK Group Limited (ASX:PPK) entered into a binding heads of agreement to acquire AIC Investment Corporation Pty Ltd from Australian Innovation Centre Pty Ltd, Mark Winfield and Gary Walsh for AUD 16.7 million on November 8, 2018. As on January 23, 2019, PPK Group Limited has entered into a formal agreement to acquire AIC Investment Corporation Pty Ltd from Australian Innovation Centre Pty Ltd, Mark Winfield and Gary Walsh. As part of consideration, PPK Group Limited will issue its shares worth AUD 6.7 million and will make a payment upto AUD 10 million as an earn-out consideration based on EBIT of the two financial years commencing subsequent to completion. The consideration shares will be escrowed for a period of 24 months. PPK Group Limited is obligated to pay cash for any shortfall between AUD 6.65 million and the value of the shares at the time they are released from escrow (March 2021). The deal is subject to approval of shareholders of PPK Group Limited in the extraordinary general meeting to be held on March 15, 2019 and due diligence investigation. As of March 15, 2019, shareholders of PPK Group Limited approved the acquisition. As of January 24, 2019, PPK Group Limited has completed due diligence for the deal. PPK Group Limited (ASX:PPK) completed the acquisition of AIC Investment Corporation Pty Ltd from Australian Innovation Centre Pty Ltd, Mark Winfield and Gary Walsh on March 22, 2019.