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Synectics PLC Announces Acquisition Of Indanet AG


Tuesday, 19 Feb 2013 02:02am EST 

Synectics PLC announced that it has acquired 100% of the issued share capital of Indanet AG (Indane) ahead of schedule following a renegotiation of the original terms of the acquisition of the business. In July 2011 Synectics agreed to acquire 100% of the issued share capital of Indanet AG (Indanet), a German provider of integrated surveillance and security management systems to the transport industry, for a maximum total consideration of EUR10 million. Under the original terms of the acquisition, consideration of EUR2 million in cash was paid on completion for an initial tranche of shares equivalent to 51% of Indanet's issued share capital, and further consideration of between EUR1 million and EUR8 million for the remaining 49% of Indanet would be payable in three tranches between 2013 and 2015, dependent on Indanet's profits for the period from completion to May 31, 2015. The Group has agreed to vary the original acquisition terms so that the entire outstanding share capital in Indanet was purchased for a total consideration of EUR1.64 million in cash. Therefore Synectics now owns 100% of the shares of Indanet AG which it has acquired for a total consideration of EUR3.64 million, with no further earn out payments to be made. 

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