Ascom Holding AG (SWX:ASCN) signed an agreement to acquire GTM Resources Pty Ltd for AUD 14 million on December 23, 2013. Under the terms of the agreement, AUD 14 million reflects a cash and debt free value of AUD 9 million and a cash balance of AUD 5 million. In addition, Ascom has agreed to an earnout payment of up to AUD 1 million, payable one year after closing, dependent on the achievement of agreed revenue and profitability targets. Also, all 62 employees of GTM Resources will be taken over at their existing locations. The expected closing date is January 2, 2014. Rebecca Maslen-Stannage of Herbert Smith LLP acted as legal advisor to Ascom Holding. KPMG Transaction Services (Australia) Pty Limited. acted as accountant for Ascom Holding AG.

Ascom Holding AG (SWX:ASCN) completed the acquisition of GTM Resources Pty Ltd on January 2, 2014.