Azurn International to buy ThorSol

ICT companies decide to tie up in share purchase agreement

ASX-listed, Azurn International (ASX:AZU) will acquire Sydney-based ICT product and service provider ThorSol in a share purchase agreement.

In a statement to the ASX, ICT convergence business solutions provider Azurn said it would gain 100 per cent interest in ThorSol in return for giving just under 750.5 million shares to the target company's owners; Capital Technic Group and related parties.

The deal, which is subject to due diligence and shareholder approval on both sides, means the ThorSol owners will obtain a 75 per cent stake in Azurn International.

The combined entity has been valued at $90 million.

"The planned transaction achieves Azurn objectives by making Azurn a part of a much larger ICT market focused company with a wider sales capability (both locally and internationally) while having access to complementary products which are sold to the same client sector, but wider in scope and capability than our existing products," the statement reads.

On its website, ThorSol states it is actively looking to expand through "internal growth and strategic acquisitions". The company's focus is on safety, security and emergency management.

An extraordinary general meeting is expected to be held by Azurn in March this year to put the deal to a shareholder vote. Azurn also said it may need to find an additional $2 million in working capital to fund the deal.

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Tags ThorSolASXAzurn InternationalMergers and acquisitions

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