Silk Logistics Holdings Limited (ASX:SLH) agreed to acquire Brightflow Enterprises Pty Ltd for AUD 31.4 million on July 22, 2022. The acquisition of FFS will be funded through cash reserves and debt facilities (subject to approval). Silk has the option to pay 50% of the AUD 7.8 million and 100% of any additional consideration in cash or Silk shares,based on Silk's 30-day VWAP prior to 31 July 2023.

FFS generates annual revenue in excess of $29 million as well as strong positive earnings and operating cashflow. The acquisition is expected to complete before 1 September 2022, subject to customary closing conditions, including certain third-party consents.