Smiths News has announce the unconditional acquisition of Hedgelane Limited.
Hedgelane's principal subsidiary trades as The Consortium for Purchasing and Distribution Limited, the specialist distributor of consumable products to the educational market, for an aggregate consideration of £38.0m, equivalent to an enterprise value of £44.1m.
The aggregate consideration comprises £32.0m of initial cash consideration to be financed through existing available debt facilities, up to £2.0m of deferred consideration payable in cash in January 2013 dependent on certain conditions and to be financed through available existing debt facilities, and up to £4.0m of deferred consideration payable in Smiths News PLC shares in January 2014 dependent on certain conditions.
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