8th Jun 2015 07:08
LONDON (Alliance News) - Construction services company ISG PLC Monday said it has acquired a further 49% stake in its Brazilian fit-out partner ACE, for GBP335,000 in cash, and said it plans to buy the remainder of the company over the next three years.
ISG first bought 20% of ACE in 2013 and now owns 69% of the company. ACE provides office fit-out and refurbishment services in Sao Paulo and Rio de Janeiro and comprises two companies, ACE-Engenharia e Construções Ltda and Draw Serviços de Engenharia Ltda.
ISG said it has agreed to buy the remaining 31% of ACE the remaining shareholder, ACE Chief Executive Officer Marcelo Amarante, over a period of three calendar years ending December 31, 2018, subject to performance. The minimum consideration for this 31% is GBP650,000 and the maximum consideration is GBP5 million, it said.
In 2014, ACE made a pretax profit of GBP72,000 and revenue of GBP7.3 million. At December 31, the combined net assets of the businesses were GBP170,000.
Shares in ISG are quoted up 0.2% at 174.83 pence early Monday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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