Vibrant Services Group Pty Ltd has entered into a Heads of Agreement to acquire MCS Security Group Pty Ltd. from MCS Services Limited (ASX:MSG) for AUD 3 million on February 2, 2024. The cash consideration of AUD 3 million is payable upon the execution of a final share sale agreement. The funds from the sale of will be used to repay debt estimated to be AUD 1.5 million, with the balance allocated to working capital.

The transaction is subject to the completion of various due diligence enquiries, the signing of formal transaction documents, obtaining all necessary approvals, shareholders approval and is expected to close on April 3, 2024.