Tue, 27 Aug 2019 | BUSINESS SALE
Adept4, an AIM-listed IT services company based in the North West, has signed a deal to take over CloudCoCo – a cloud technology firm headquartered in Leeds.
The deal will allow Adept4 to acquire CloudCoCo’s share capital of roughly 218.2 million ordinary shares at one penny each through a non-binding heads of terms. This will represent 49 per cent of the enlarged issued share capital.
Founded in 2017, CloudCoCo offers a range of cloud-related technologies and services, and is known to have a profitable trading history and a strong future ahead.
Upon completion of the acquisition, a member of CloudCoCo’s management team will join Adept4’s board.
Adept4’s chairman, Simon Duckworth, said: “We are delighted to have agreed heads of terms to acquire CloudCoCo which has a proven salesforce with an enviable growth track record.
“Subject to completion of the proposed acquisition, we plan to drive growth from both Adept4’s existing customer base and CloudCoCo’s own customers and pipeline. Furthermore, the associated proposed reduction in the company’s debt would strengthen the group’s balance sheet and demonstrate the strong support of our largest shareholder. We see this as a very positive step to return value to shareholders.”
The acquisition is subject to shareholders approving the deal, and upon signing a share purchase agreement. The deal, however, would not constitute a reverse takeover.
At present, Adept4 holds £5 million of unsecured loan notes with BGF, which will be released to MXC Capital upon the completion of the sale for £3.5 million. MXC Capital holds 29.9 per cent of Adept4’s issued share capital.
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