I'rom Group Co., Ltd. (TSE:2372) agreed to acquire 61% stake in DSU Pty Ltd. from IDT Australia Limited (ASX:IDT) for AUD 10 million on October 25, 2016. IDT will receive an initial cash payment of AUD 10 million for 61% of the business. A second payment for the remaining 31% of the business will be a minimum of AUD 4 million (payable at I'rom Group's election in cash or a combination of cash and forgiveness of IDT shares). The second consideration payment may increase subject to an earn-out provision and a third payment on achieving a specific business milestone. I'rom Group and IDT will jointly manage DSU Pty. The acquisition is expected to close by end of November 2016. PharmaVentures Ltd. acted as financial advisor to IDT Australia Limited.

I'rom Group Co., Ltd. (TSE:2372) completed the acquisition of 61% stake in DSU Pty Ltd. from IDT Australia Limited (ASX:IDT) on December 15, 2016.