SKS Technologies Group Limited (ASX:SKS) entered into a binding share sale agreement to acquire Integrated Solutions Group Queensland Pty Ltd for AUD 5 million on August 20, 2021. The consideration consists of an initial cash amount of AUD 1.8 million and AUD 1.2 million of new shares of SKS Technologies. A further amount of up to AUD 2 million under an earn out arrangement will be payable in equal amounts over three years. At each year end, all Integrated Solutions shareholders will receive a pro-rata amount of AUD 0.4 million in cash and new equity to the value of AUD 0.266,667 million. The initial cash consideration of AUD 1.8 million will be funded through a new AUD 2 million long-term debt facility. The consideration for the acquisition represents a multiple of 0.86x revenue. Integrated Solutions reported annual revenues of AUD 6 million. 32 employees of Integrated Solutions will be joining SKS Technologies. The business will continue to operate in Brisbane after the completion of the deal. The transaction is due for completion at the end of September 2021. The transaction is expected to be earnings accretive in nature. As on September 30, 2021, SKS Technologies Group Limited agreed to extend the deadline for completion of the acquisition of Integrated Solutions Group Queensland Pty Ltd. Completion is now expected to be in third quarter of the year 2022.

SKS Technologies Group Limited (ASX:SKS) cancelled the acquisition of Integrated Solutions Group Queensland Pty Ltd on February 22, 2022.