AGC Networks Limited's subsidiary to acquire Dragonfly Technologies Pty Ltd

Black Box Technologies Australia Pty Limited (hereinafter referred to as "Acquirer" or "Black Box"), Indirect Wholly-Owned Subsidiary of AGC Networks Limited ("the Company"), has entered into a Share Purchase Agreement with KAK Nominees Pty Ltd (Seller 1), Cylaiako Nominees Pty Ltd (Seller 2) and CTA Consulting Pty Ltd (Seller 3) (collectively referred to as "Sellers") on September 10, 2021, to acquire 100% of shares of Dragonfly Technologies Pty Ltd ("Target Company being limited liability company incorporated under laws of Australia ("Australian Laws"), for total consideration of approx. AUD 7.43 mn, payable 50% at the time of closing and remaining 50% on performance based earn-outs over a period of 3 years from closing.

Dragonfly Technologies Pty Ltd is into the business of providing Cyber Security Solutions, Enterprise Networking Solutions and Automation & Consulting services.

The said acquisition is anticipated to be completed within 90 days of signing the share purchase agreement subject to approvals from Foreign Investment Review Board (FIRB).

Shares of AGC Networks Limited was last trading in BSE at Rs. 1161.1 as compared to the previous close of Rs. 1105.85. The total number of shares traded during the day was 1398 in over 61 trades.

The stock hit an intraday high of Rs. 1161.1 and intraday low of 1108.3. The net turnover during the day was Rs. 1622631.

Source : Equity Bulls

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