IVE Group Limited entered into an implementation deed to acquire Substantially all of the assets of Ovato Limited.

IVE Group Limited (ASX:IGL) entered into an implementation deed to acquire Substantially all of the assets of Ovato Limited on August 10, 2022. The transaction will be financed through equity raising. Transaction is subject to Australian Competition and Consumer Commission approval.

As of August 30, 2022 Australian Competition and Consumer Commission approved the transaction. As on 30 August 2022, the ACCC announced that it will not object to the acquisition of the Ovato assets, it is expected that the acquisition will complete within 2 weeks. The move resulted in about 150 staff being made redundant.