Melbourne IT Ltd (ASX:MLB) is pleased to announce that it is acquiring the remaining 24.9% of Outware Systems Pty Ltd (Outware), some 6 months earlier than originally envisaged.
In June 2015, Melbourne IT acquired 50.2% of Outware for $21.7M. MLB also acquired options to move to 100% (two options each for 24.9% of the issued capital of Outware) over the following two years. The consideration payable for these second and third tranches was to be calculated by reference to Outware’s EBITDA as at 30 June 2016 and 30 June 2017 respectively. MLB acquired tranche 2 in August 2016 for $9.24M1.