Vinyl Group (ASX:VNL) will acquire events and brand activations business Funkified Entertainment for AU$2.5 million in cash and scrip, according to a Thursday filing with the Australian bourse.
The transaction consideration includes AU$1.8 million in cash to be paid in stages and AU$200,000 in shares, which are subject to a 12-month escrow from the date of issue.
A further AU$500,000 in Vinyl shares will be paid to Funkified, contingent on meeting minimum earnings before interest and taxes target of AU$500,000 in the 12 months after the deal's completion.
The transaction is expected to be completed no later than Dec. 31.
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