Countplus has finalised the acquisition of property and accounting group Pacific East Coast (PEC Group) through subsidiary Kidmans, after entering into a share sale and purchase agreement a month ago.
Countplus describes Kidmans as an independent property broker of a primarily new residential and commercial property, with more than 600 members in its national alliance member network.
In a statement to the Australian Securities Exchange, Countplus said PEC Group was well positioned to grow in the long-term, especially now self-managed super funds can borrow to invest in residential property.
The initial purchase consideration was paid in a cash sum, which was $3.285 million according to the original 13 February statement. Subsequent performance based payments to the sellers will involve cash and equity payments, Countplus stated.
Countplus said it expected the acquisition to be earnings accretive in current and future years.
Countplus also announced the completion of a regional New South Wales accounting practice for $670,000 through Canberra subsidiary, Beams & Associates.
Consideration was through cash and equity payable over two years, and Countplus also expected that acquisition to be immediately earnings per share accretive.
