PraxisIFM Group Limited (CISX:) agreed to acquire Nerine International Holdings Limited from its management and others for £43.2 million on June 27, 2018. Nerine International is majority owned by its management. The total consideration, payable in cash and equity, comprises the initial consideration of £16.5 million and deferred payments payable on the first and second anniversaries with a maximum value of £23.6 million. The management shareholders of Nerine will receive 60% of their consideration in ordinary shares in PraxisIFM under the terms of the share purchase agreement. 70% of the Consideration Shares shall be issued on completion with the balance being issued to the PraxisIFM EBT as security to be released on the first and second anniversaries with a maximum number of 6.4 million Consideration Shares. The purchase price for the shares will be funded by PraxisIFM in cash and by the allotment and issue of the Consideration Shares. The Royal Bank of Scotland International plc has agreed to provide a debt facility of up to £20 million, £10 million of which is currently undrawn, to PraxisIFM to fund the purchase price. In 2017, Nerine had a profit after tax of £2.18 million and net assets of £4.2 million. The Nerine management team has committed to staying with the Group for a minimum of three years. The transaction is conditional on obtaining regulatory approval from the Guernsey Financial Services Commission, the Guernsey Competition Regulatory Authority and the British Virgin Islands Financial Services Commission. James Walsh, James Dickinson and Andrew Harding of Appleby (Guernsey) LLP acted as legal advisors to PraxisIFM Group Limited while a team including John Lewis and Alana Nisbet of Mourant Ozannes acted as legal advisors to Nerine International. PraxisIFM Group Limited (CISX:) completed the acquisition of Nerine International Holdings Limited from its management and others on December 6, 2018. PraxisIFM has re-applied for the listing of a further 6.4 million ordinary shares as a consideration issue, in connection with the acquisition of Nerine.