MotorCycle Holdings Limited (ASX:MTO) entered into a binding agreement to acquire Mojo Motorcycles Pty Ltd and Mojo Electric Vehicles Pty Ltd for AUD 54.9 million on September 22, 2022. Consideration will be paid in 11.539 million MotorCycle Holdings shares escrowed for two years, AUD 20 million in cash and Deferred consideration of approximately AUD 10 million. MotorCycle Holdings Limited will fund Cash consideration through an increase to its debt facility. Completion of acquisition depends upon MotorCycle Holdings Limited shareholders approval and obtaining key contract and third party consents. Michael Poynton and Joshua Carter will take up senior executive positions in MotorCycle Holdings Limited and Michael Poynton will join the MotorCycle Holdings Limited board. The transaction is expected to complete on October 31, 2022. Ernst & Young acted as due diligence provider to MotorCycle Holdings Limited.

MotorCycle Holdings Limited (ASX:MTO) completed the acquisition of Mojo Motorcycles Pty Ltd and Mojo Electric Vehicles Pty Ltd on October 31, 2022.