Midwich Group PLC - Norfolk, England-based specialist audio visual distributor to the trade market - Completes the acquisition of prodyTel Distribution Gmbh, a distributor of professional audio and technical solutions products based near Nuremberg, Germany. This follows merger control clearance from the German Federal Cartel Office.
The acquisition was announced in November. It said it was paying EUR8.5 million in cash for 51% of share capital in prodyTel. For the remaining 49%, Midwich said put/call options are in place for June 2024 for a fixed cash consideration of EUR8.1 million. Additionally, Midwich will pay up to EUR5.5 million extra linked to performance, in cash by 2026.
Midwich also says its will announce a 2023 full year trading update on January 17.
Current stock price: 434.00 pence
12-month change: up 4.0%
By Sophie Rose, Alliance News senior reporter
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Midwich Group (MIDW)