EXCITE TECHNOLOGY SERVICES LIMITED Excite Technology Services Limited (ASX:EXT) signed a letter of intent to acquire CBIT Pty Ltd on June 28, 2024. The consideration consists of 100 million common equity of Excite Technology Services Limited to be issued for common equity of CBIT Pty Ltd. A cash consideration of AUD 0.75 million will be paid by Excite Technology Services Limited. Excite Technology Services Limited will pay an earnout payment of AUD 2.35 million cash and of AUD 1.6 million common equity.
As part of consideration, AUD 4.7 million is paid towards common equity of CBIT Pty Ltd. The transaction is subject to due diligence, approval by ASX and approval of the shareholders of Excite Technology Services Limited. The transaction will be immediately accretive to Excite Technology Services Limited.
