AGC Networks intimates of proposed acquisition by its indirect subsidiaries

AGC Networks announced its indirect subsidiary, Black Box Network Services Australia, will acquire 100% stake in communications technology service provider - Pyrios AUS for cash consideration of USD 800,000.

The main object of Black Box for undertaking said acquisition is to create efficiency of scale in Australia & New Zealand markets and add cloud services portfolio. This acquisition will enable wide range of services to existing customers of Pyrios and BlackBox, apart from adding management capabilities.

Further, Black Box Network Services New Zealand, indirect wholly-owned subsidiary of AGC Networks, will acquire 100% stake of Pyrios NZ for cash consideration of USD 1,950,000 with USD 7,00,000 of the consideration payable at the time of closing and the balance as deferred consideration payable USD 7,50,000 after 6 months and the remaining USD 5,00,000 of the consideration after 18 months.

 

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