Pennant International Group plc (AIM:PEN) agreed to acquire Aviation Skills Partnership Limited from Simon Witts and Michelle Witts for £6.8 million on January 29, 2019. Under the terms, Pennant will pay maximum initial payment of £0.75 million, which includes an upfront payment of £0.25 million and will pay multi year earn-out payments. Total consideration is expected to be capped at £6.75 million. Transaction will be financed with proceeds of £1.8 million by placing new shares of Pennant. For the year ended January 31, 2018, Aviation Skills generated revenue of £0.398 million and net profit of £0.027 million. As of January 29, 2018, Aviation Skills had net assets of 0.151 million. Pennant intends to work with Simon Witts (who will enter into a new service agreement with Aviation Skills) and the existing management team. Acquisition is expected to complete within the next two weeks. Mike Coe, Chris Savidge, Jasper Berry and Adam Pollock of WH Ireland Limited acted as financial advisors for Pennant.