Vonex Limited (ASX:VN8) entered into an agreement to acquire Network Technology (Aust) Pty Ltd for AUD 7.7 million on October 5, 2022. Total consideration of approximately AUD 9.6 million is payable on completion of the transaction, consists of AUD 7.7 million in cash and 27,098,743 ordinary shares of Vonex to be escrowed for 12 months. The issue of shares is contingent upon customer related metrics in the 12 months post completion.

Vonex got approval from Longreach Credit Investors, vortex existing debt provider for an incremental AUD 8 million of debt to fund the cash consideration of the acquisition. Completion of transaction remains subject to satisfaction of Change of control consents from relevant customers and suppliers and OntheNet entering into new employment agreements with key employees. TCA Partners Pty Ltd acted as financial advisor to Vonex Limited.