LONDON (Alliance News) - Tarsus Group PLC said Wednesday its US subsidiary has entered into an option agreement to acquire the remaining 20% of Tarsus Connect it does not already own from Connect Holdco Inc.
Tarsus Connect is a US business travel and events company.
The option can be exercised by Tarsus or Connect Holdco in 2022, 2023 or 2024. The price will be calculated based on Tarsus Connect's prior year earnings before interest, tax, depreciation and amortisation but is capped at USD18.8 million.
The option expires on January 1, 2025 but can be extended if both parties choose to do so.
Tarsus Managing Director Douglas Emslie said: "Tarsus Connect has proved to be a great acquisition for the group and we look forward to expanding and growing the business further in the years ahead.
"Acquiring outstanding minority interests is a key part of our 'Quickening the Pace 2' strategy and I am delighted to agree this option arrangement."
Shares in Tarsus were down 3.1% Wednesday at 251.00 pence each.