Midwich Group Plc (AIM:MIDW) entered into a binding agreement to acquire 80% stake in Nicolas M. Kyvernitis Electronics Ent.,NMK Middle East FZE and Edge Electronics Trading LLC for AED 70.8 million on December 14, 2020. The purchase price comprises an initial cash consideration of AED 49.8 million followed by an additional AED 21 million in cash six months later. The transaction will be undertaken on a cash free/ debt free basis. The consideration for the acquisition will come from the remaining proceeds of the Group's fundraise undertaken in February 2020. In the year ended December 31, 2019, the NMK Group generated revenues of approximately AED104 million, net profit of AED17.9 million and net assets as at 31 December 2019 were AED73.5 million. The NMK Group will continue to be led by the existing management team of Alex Kemanes (Managing Director) and Constantinos "Dino" Drimakis (Director - Business Development), who will retain their aggregate 20% shareholding in the NMK Group. Nicolaos Kyvernitis will retire from the business following a period of transition post completion. Completion, which is subject to local regulatory approval as required by foreign investment laws in the region, is expected in early 2021. The acquisition is expected to be earnings enhancing in the first full year following completion. James Rudd, Carlton Nelson and Ben Griffiths of Investec Bank plc and Ben Wright, Mark Whitmore and Alix Mecklenberg-Solodkoff of Berenberg acted as financial advisors for Midwich. Midwich Group plc (AIM:MIDW) completed the acquisition of 80% stake in Nicolas M. Kyvernitis Electronics Ent.,NMK Middle East FZE and Edge Electronics Trading LLC on January 1, 2021. The transaction was settled with an initial consideration of AED 49.8 million and AED 21 million payable in June 2021.