GWA Group Limited (ASX:GWA) entered into an indicative non-binding heads of agreement to acquire API Services and Solutions Pty Ltd from Q Technology Group Limited (ASX:QTG) for AUD 14 million on a debt free basis on July 16, 2012. As on September 4, 2012, GWA Group Limited entered into a share sale agreement to acquire API Services and Solutions for AUD 13.1 million on a debt free basis. The transaction will be funded from existing cash reserve of GWA Group. API Services reported annual EBIT of AUD 1.5 million and annual revenues of AUD 24.8 million. The proceeds were used to pay the API finance leases of AUD 1.1 million, giving net proceeds of AUD 12 million which has been utilized to pay down debt in the Group. Tim Allerton of City PR acted as PR advisor in the transaction.

GWA Group Limited (ASX:GWA) completed the acquisition of API Services and Solutions Pty Ltd from Q Technology Group Limited (ASX:QTG) on October 2, 2012.