3rd Mar 2020 16:15
(Alliance News) - APQ Global Ltd on Tuesday said it has acquired US-based financial advisory firm Delphos International Ltd for an initial cash amount of USD1.5 million.
The emerging markets-focused fund manager said it will also pay up to three earn-out payments depending on Delphos' earnings before interest, tax, depreciation and amortization for financial 2020, financial 2021 and financial 2022.
For the 12-month periods ending June 2020 and 2021, APQ will make payments of up to USD750,000. For its financial year to the end of June 2022, the earn-out payment will be capped at USD500,000.
For the financial year ended June 30, 2019 Delphos generated revenue of around USD3.7 million and Ebitda of USD250,000. Gross assets stood at less than USD100,000.
"We are delighted to acquire Delphos International. It's our second acquisition of the year and illustrates our focus on emerging markets as part of our strategy. By adding Delphos to our portfolio of companies, we believe that there is a clearly defined opportunity to achieve strong shareholder return," said APQ Global Chief Executive Bart Turtelboom.
APQ shares were untraded on Tuesday afternoon in London, last quoted at 68.00 pence each.
By Ife Taiwo; [email protected]
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