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Vysarn to Acquire Water Management Firm

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Vysarn (ASX:VYS) agreed to acquire water management firm Technologies International Group, trading as Welltech, for an upfront cash consideration of AU$37.3 million and 4.8 million shares, according to a Tuesday filing with the Australian bourse.

The company will also pay further deferred consideration of up to AU$5 million worth of shares and AU$5 million over three years, subject to Welltech achieving specified earnings before interest, tax, and depreciation and amortization targets, the filing said.

Additionally, the company launched a fully underwritten capital raising to raise AU$65.3 million through a single tranche placement of about 62.2 million new shares at AU$1.05 apiece.

Proceeds will be partially used to fund the cash component of the acquisition, per the filing.

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