MHM Automation Limited (NZSE:MHM) signed a conditional agreement to acquire Wyma Engineering (NZ) Limited from Jajar Investments Limited and Jason Gerrie for NZD 61.8 million on December 21, 2022. As part of consideration, NZD 28 million will be paid in cash, 22,666,667 shares will be issued and NZD 15 million earnout will be paid over three years. The consideration is subject to any adjustments.

The transaction is conditional upon shareholder approval, finance and final due diligence. No dates have yet been set for satisfaction of these conditions precedent. Settlement date is targeted for 1 April 2023.

As on March 31, 2023, The transaction is expected to complete on May 1, 2023. As on April 21, 2023, MHM Automation entry into new bank facilities with a total credit limit of NZD 47.84 million, of which NZD 25 million will be drawn to fund the Wyma Transactions and has received 99.89% of votes cast for the acquisition of Wyma Engineering.