Logicalis Group Limited and P.T. Metrodata Electronics Tbk (JKSE:MTDL) entered into a conditional sale and purchase agreement to acquire 68.2% stake in PT Packet Systems Indonesia from DMX (BVI) Limited and founders for $7.5 million on June 20, 2017. Under the term terms of the transaction, DMX (BVI) Limited will sell 0.15 million shares representing 60% stake and founders will sell 0.02 million shares representing 8.18% stake. Out of total consideration, $6.4 million will be paid in cash upon completion and remaining $1.1 million will be put in escrow. Out of escrow amount, $0.56 million will be released on the first anniversary of completion and remaining on second anniversary of completion. The total consideration payable by Logicalis will be $6.8 million in cash funded from Logicalis’ existing bank facilities. On September 4, 2017, P.T. Metrodata Electronics Tbk has signed the deed of sale and transfer of shares with the DMX (BVI) Limited to acquire 0.04 million shares (14.12% stake) for $1.8 million. PT Packet Systems will be integrated with Logicalis Metrodata Indonesia, the existing Indonesian operation of Logicalis. PT Packet Systems reported 2016 revenues as $76 million, net assets of $10.9 million and profit after tax of $3.3 million. The transaction is subject to approval of shareholders of DMX Technologies Group Limited, parent of DMX (BVI) Limited, approval of PT Packet Systems shareholders, approval of Badan Koordinasi Penanaman Modal and other conditions. The Board of Directors of DMX Technologies Group Limited recommended the shareholders of DMX Technologies Group Limited to approve the deal. The shareholders of DMX Technologies Group Limited approved the transaction on August 31, 2017. If the conditions are not fulfilled by September 30, 2017, the transaction will be terminated. The transaction is expected to close in the third quarter of 2017. The part of the proceeds, raised from the transaction has been used to fund the fees for the completion of the audit of financial statements. Nick Adams and Simon Hardy of Jefferies International Limited acted as nominated advisor and broker and Frederic Cornet, Pietman Roos, Adrian Duffield and Chantal Woolcock of Instinctif Partners acted as public relations advisor to Datatec, parent of Logicalis. Boardroom Corporate & Advisory Services Pte. Ltd. acted as transfer agent to DMX Technologies Group Limited. KPMG LLP acted as accountant advisor for PT Packet Systems Indonesia.