3rd Jul 2023 09:28
ME Group International PLC - Epsom, England-based instant-service equipment firm - Subsidiary ME Group Japan KK enters binding conditional absorption-type company split agreement to buy automated photobooth businesses owned by two Fujifilm Corp subsidiaries. Total consideration is capped at approximately GBP5.5 million. ME Group will fund the purchase through a new local loan facility or existing cash resources. Company expects to complete the transaction by the end of September, and says it could increase Asia Pacific revenue by between 20% and 30% and add about GBP2.2 million to pretax profit for the year ending October 31, 2024. Photobooths' average pretax profit was about GBP290,000 over the last three years ended March 31.
Chief Executive Officer Serge Crasnianski says: "The transaction fully aligns with our strategy of further consolidating our leading market position in our core markets, as well as making selective bolt-on acquisitions...The acquired photobooths will be fully integrated into the group's operations in Japan and will benefit from operational synergies under the group's ownership."
Current stock price: 165.74 pence, up 1.3% on Monday
12-month change: up sharply from 76.20p on July 4, 2022
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.