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Vysarn to Acquire Irrigation, Pumping Systems Firm for AU$25 Million in Cash, 33 Million Shares; Shares Reach All-Time Peak

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Vysarn (ASX:VYS) entered into a binding share sale agreement for the acquisition of NWG Enterprises, which deals in industrial-scale irrigation systems, pumping systems, and ancillary technology, for a total consideration of up to 33 million Vysarn shares and AU$25 million in cash, according to a Wednesday Australian bourse filing.

The upfront payment consideration will consist of AU$8.33 million in cash and 28.6 million Vysarn shares, with contingent deferred payments linked to NWG Enterprises' future earnings before interest and tax (EBIT) performance.

NWG Enterprises will become a wholly owned subsidiary of Vysarn upon completion of the acquisition.

The cash component of the acquisition consideration is proposed to be funded via a combination of Vysarn's existing cash reserves and the drawdown of new acquisition debt facilities.

The acquisition is dependent on the firm completing its due diligence, securing sufficient funds for the upfront payment, and gaining consent or waiver from any person who is a counterparty to a material contract. The condition precedents must be satisfied or waived on or before Oct. 2.

Its shares jumped 15% in recent trading on Wednesday, reaching an all-time high.

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