Volt Power Group Limited (ASX:VPR) signed an agreement to acquire Wescone Distribution Pty Ltd from Kim Ledger for AUD 5.3 million on December 18, 2017. Under the terms of the deal, Volt Power will pay upfront payment of 100 million shares and AUD 4.75 million in cash as AUD 0.2 million non-refundable deposit (which has been paid) and the remainder to be paid at completion, being AUD 4.55 million. There is also a royalty arrangement in the deal. The cash consideration payable will be subject to a post completion working capital adjustment. In a related deal, Volt Power Group also entered into binding agreements to acquire a 50% interest in EcoQuip. The cash portion will be funded with funds to be derived from the proceeds of the capital raising of AUD 4.75 million which has been announced simultaneously. Kim Ledger will remain as an executive director of Wescone Distribution Pty Ltd. The deal is subject to approval of shareholders of Volt Power Group, execution of a royalty agreement, execution of an intellectual property assignment deed, completion of the capital raising and other conditions. The Board of Volt Power Group Limited recommended the shareholders vote in favor of the deal. Shareholders' of Volt Power Group Limited passed the resolution in favor of the transaction on January 22, 2018. The deal is expected to close on January 25, 2018. Link Market Services Limited acted as share registrar to Volt Power Group Limited.