W.A.G payment solutions plc signed an agreement to acquire Substantially all of the assets of WebEye Telematics Zrt. from WebEye Telematics Zrt. for 60.6 million.
W.A.G payment solutions plc (LSE:WPS) signed an agreement to acquire Substantially all of the assets of WebEye Telematics Zrt. from WebEye Telematics Zrt. for 60.6 million on May 16, 2022.Out of 43.2 million initial consideration, 23.3 million of amount is payable upon closing of the acquisition of the non-Hungarian subsidiaries, and 19.9 million upon closing of the acquisition of the Hungarian subsidiaries. Eurowag will also pay a deferred settlement component within three years from completion of the transaction, a part of which is subject to the fulfilment of certain KPIs. The maximum consideration, including the deferred settlement component, is capped at 60.6 million. Completion of the transaction is anticipated in July 2022, subject to customary completion conditions including the new clearance from the Ministry of Innovation and Technology in Hungary. The prior approvals from the Hungarian Competition Authority and the Romanian Competition Council remain valid for this transaction.