PPK Group (ASX:PPK) conditionally agreed to sell its 30% stake in Amag Holdings Australia to Transoft Solutions, according to a Friday filing with the Australian bourse.
The consideration is "significantly" weighted towards the future performance of the combined business and involves a AU$1.5 million payment by Transoft at completion, which is expected to pay off AMAG's debt, the filing stated.
The sale is conditional upon the entry into an employment agreement with an Amag senior executive, termination of a shareholder deed, and winding up of the employee share plan, according to the filing.
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