GenusPlus Group (ASX:GNP) signed a binding share purchase agreement to acquire safety critical rail systems provider MGC Group Holdings, according to a Thursday filing with the Australian bourse.
The transaction consideration comprises an upfront cash payment of AU$10.3 million and contingent earn-out payments of up to AU$10.5 million, subject to meeting growth targets through 2027. The earn-out payments may be made either in cash or 75% cash and 25% Genus scrip, per the filing.
Genus said the acquisition will give it an entry into the rail sector.
The deal's completion is anticipated in mid to late April, subject to certain conditions.
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