Clime takes Madison
Clime Investment Management is the new owner of Madison Financial Group.
The company, which flagged its bid for Madison last month, announced to the Australian Securities Exchange today that it had it had signed a share sale deed for the acquisition.
The share sale deed assumes a total expected consideration of around $5 million of which $2.5 million is subject to a two-year escrow arrangement which reduces to $1.25 million after 12 months.
OneVue said that completion of the transaction was conditional upon consent for the sale from Chinese Government entity, Taiping Trusteees Limited.
Clime said it was pleased to announce the signing of the agreement and the completion of a $4.5 million share placement.
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