YOFC International (Germany) GmbH and Yangtze Optical Fibre And Cable Joint Stock Limited Company (SEHK:6869) agreed to acquire Radio Frequency Systems Gesellschaft Mit BeschrÄNkter Haftung and Radio Frequency Systems (Suzhou) Co., Ltd. for ?7.1 million on July 31, 2023.The base price of this transaction is ?7.1 million, and the final price will be adjusted according to the agreement. If Estimated Closing Payable is positive, Purchasers pay 50% (max ?1.5 million) into escrow. The rest is paid to Seller on Closing Date. Radio Frequency Systems Gesellschaft Mit BeschrÄNkter Haftung and Radio Frequency Systems (Suzhou) Co., Ltd. reported revenue of 164.35 million, total assets of 183.2 million, net assets of 105.6 million, net loss of -45.63 million on December 31, 2022. Yangtze Optical Fibre And Cable Joint Stock Limited Company board of directors approved the transaction. This transaction still needs to be reviewed and approved by the shareholders? meeting and obtaining of the foreign direct investment clearance certificate from the German Federal Ministry for Economic Affairs and Climate Action (?BMWi?), obtaining of merger control clearance from relevant merger control institution, and Cable Business Acquisition having been approved by the Independent Shareholders at the EGM. As of October 13, 2023, the shareholders of Yangtze approved the transaction.
Altus Capital Limited acted as financial advisor to Yangtze Optical Fibre And Cable Joint Stock Limited Company (SEHK:6869).