18th Oct 2013 06:17
LONDON (Alliance News) - RPS Group plc (RPS.L) has agreed to acquire the entire share capital of OEC Consulting AS and the outstanding minority stakes in its three divisions. The Group is buying OEC Group's entire share capital for a maximum total cash consideration of 300 million Norwegian Kroner, or 31.5 million pounds.
At the time of completion, the consideration to be paid to the vendors is 190 million Kroner, or 20.0 million pounds. According to the company, three further sums would be paid to the vendors: 50 million Kroner in May 2014 and 30 million Kroner on each of the second and third anniversaries of the transaction. The transaction would close following approval being granted by the Norwegian Competition Authority, which is expected in around a month.
OEC Group employs nearly 100 staff and engages associates on a project specific basis. All the shareholders in OEC and the units are employees and would be remaining with the Group when the transaction gets over.
Copyright RTT News/dpa-AFX
Related Shares:
RPS.L