AGC Networks' indirect subsidiaries acquire companies in Australia, New Zealand

Black Box Networks Services Australia Pty Ltd ("Acquirer 1"), Indirect Wholly-Owned Subsidiary of AGC Networks Limited ("the Company"), has entered into a Share Sale Agreement with Agile Group Limited ("Seller") today i.e. on June 10, 2020, to acquire 100% stake in Pyrios Pty Limited ("Target Company 1"), for a purchase consideration of US$ 800,000/- (US Dollars Eight Hundred Thousand Only). The said acquisition is anticipated to be completed within 6 months.

Pyrios Pty Limited (ABN 55 137 807 311) ("Pyrios AUS") is an Australian Proprietary Company. It is engaged in a business that specializes in delivery of communications technology services, with a focus on working with customer-driven organizations who are aiming to enhance customer engagement levels. The revenue for FY2019 was US$ 3.64 mn.

Black Box Networks Services New Zealand Ltd ("Acquirer 2"), Indirect Wholly-Owned Subsidiary of the Company, has entered into a Share Sale Agreement with Agile Group Limited ("Seller") today i.e. on June 10, 2020, to acquire 100% stake in Pyrios Limited ("Target Company 2"), based in Auckland, for a purchase consideration of USD 1,950,000/- (US Dollars One Million Nine Hundred and Fifty Thousand Only) with USD 7,00,000 (US Dollars Seven Hundred Thousand only) of the consideration payable at the time of closing and the balance as deferred consideration payable USD 7,50,000 (US Dollars Seven Hundred and Fifty Thousand only) after 6 months and the remaining USD 5,00,000 (US Dollars Five Hundred Thousand) of the consideration after 18 months. The said acquisition is anticipated to be completed within 6 months.

Pyrios Limited (Company Number 2298266) ("Pyrios NZ") is a company registered in Auckland with presence in New Zealand. The company is engaged in a business that specializes in delivery of communications technology services, with a focus on working with customer-driven organizations who are aiming to enhance customer engagement levels. The company had revenue of US$ 7.39 mn for FY2019.

Shares of AGC Networks Limited was last trading in BSE at Rs.319 as compared to the previous close of Rs. 290. The total number of shares traded during the day was 118 in over 13 trades.

The stock hit an intraday high of Rs. 319 and intraday low of 318.7. The net turnover during the day was Rs. 37638.

Source : Equity Bulls

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