Electro Optic Systems Amends Terms for Acquisition of MARSS Group Assets, Shares Jump 7%
Electro Optic Systems Holdings (ASX:EOS) agreed revised agreement terms for its acquisition of the assets of the MARSS group business, according to a Friday Australian bourse filing.The upfront payment of $36 million for MARSS will be made on Friday, and the receipt of the funds by the MARSS vendors and the completion of the acquisition are expected in the coming days, per the filing.The maximum earnout cap under the agreement will be increased to 140 million euros from 100 million euros.Electro Optic drew AU$70 million of its term loan facility provided by Washington H. Soul Pattinson. AU$50 million of the drawdown will be used to fund the upfront cash consideration.MARSS' NiDAR command and control systems are used to detect, track, and defeat drone attacks. The acceleration of potential demand and increased interest in the MARSS products and business led to certain amendments to the transaction terms first disclosed on Jan. 12.Its shares jumped 7% in recent trading on Friday.
