AXYS Group to be sold for over Rs1.1 billion, pending regulatory approvals

United Investments Ltd has just signed a Share Purchase Agreement (SPA) with Alternative Capital Investments Ltd on the sale of AXYS Group of Companies representing all of its operational financial services subsidiaries.

According to a Cautionary Announcement issued on the Stock Exchange of Mauritius, NWT Secretarial Services Ltd said the Consideration is made up of:

• A payment of Rs1.1billion on closing
• Rs300million deferred consideration to be paid in 2024 and
• An Earn Out based on an agreed mechanism to be paid by 2025

The SPA is subject to a number of Conditions Precedent including regulatory approvals. Completion is expected at latest 30 September 2022.

ACIL is reportedly a consortium led by senior management of AXYS Group together with local and foreign shareholders.