discoverIE Group PLC to sell Vertec Scientific SA Proprietary Ltd to unit’s management and key employees

discoverIE Team PLC, a designer, manufacturer and provider of customised electronics to marketplace, reported it will sell Vertec Scientific SA Proprietary Ltd to the management group and key employees of the South African distribution small business.

Vertec, which is part of the Custom Offer division, is an importer and provider of health-related tools and related consumables in South Africa.

discoverIE will acquire an initial 25mln South African rand (£1.25mln) in hard cash, before transaction expenses and completion adjustments, and a deferred consideration of 20mln rand payable in hard cash in excess of the upcoming three a long time.

The sale is subject to regulatory approvals which are expected to be been given through the 3rd quarter of the existing monetary year.

The Custom Offer division comprises of only two businesses – Acal BFi and Vertec – with Acal BFi accounting for most of the divisional revenue.