Codan Completes Acquisition of US-Based Communication Technology Firm

MT Newswires Live12-05

Codan (ASX:CDA) completed its acquisition of US-based SKT2, also known as Kagwerks, a provider of tactical operator-worn communications technologies, according to a Thursday filing with the Australian bourse.

The acquisition consideration consists of an upfront cash payment of AU$33.6 million, together with royalty payments for five years post-closing.

The quantum of the royalty payments will be calculated based on agreed annual sales target thresholds ranging from 1% to 5%, conditional also on minimum gross margins being achieved, the filing stated.

Codan's shares slipped almost 1% in recent Thursday trade.

Price (AUD): $15.90, Change: $-0.10, Percent Change: -0.63%

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