SOCO Corporation Ltd (ASX:SOC) entered into a binding agreement to acquire Axsym Technology Pty Ltd for AUD 10.7 million on October 24, 2023. Under the terms of agreement, the consideration includes AUD 4.3 million cash, AUD 3.2 million in 10,714,753 shares of SOCO and an earn out payment of up to AUD 3.4 million payable over a two-year period, if certain profit growth targets are achieved. The cash part of the consideration will be funded from cash on hand. The transaction is expected to close in November 2023, and is subject to the satisfaction of various conditions including satisfactory completion of due diligence investigations and receipt of change of control consents from AxSym?s contract counterparties. Clairfield International S.a.r.l. acted as financial advisor to Axsym Technology Pty Ltd.

SOCO Corporation Ltd (ASX:SOC) completed the acquisition of Axsym Technology Pty Ltd on November 1, 2023.