Lindsay Australia Limited (ASX:LAU) entered into a binding agreement to acquire W. B. Hunter Pty. Limited for an enterprise value of AUD 34.6 million on July 3, 2023. The consideration for the acquisition will comprise of an upfront cash component, a scrip component of 6.5 million shares escrowed for a period of 24 months post completion and a deferred cash payment for the inventory assets of AUD 14.5 million, which will be paid in equal quarterly instalments over FY24 commencing on or around September 30, 2023. All cash components will be funded through Lindsay?s existing cash holdings. Michael Moroney, Director and Chief Executive Officer of WB Hunter will continue with the business in his current role under a long-term agreement. The acquisition is subject to customary conditions including third party consents for a transaction of this nature and is expected to complete in Q1 FY24. The acquisition is expected to deliver high single digit accretion pre-synergies in pro forma FY24 EPS.

Lindsay Australia Limited (ASX:LAU) completed the acquisition of W. B. Hunter Pty. Limited on August 7, 2023. The deal was completed following satisfaction of the pre-conditions.