Stargroup Limited (ASX:STL) signed an exclusive memorandum of undertaking to acquire a national ATM switching, settlement, processing, telecommunications and ATM reseller business from Indue Ltd for AUD 6.5 million on September 28, 2016. Transaction will be fully funded by way of debt instrument of a minimum AUD 10 million and maximum of AUD 15 million loan agreements with free attaching options on a one for AUD 1 basis with an exercise price of AUD 0.12 per option to acquire one Stargroup share with a three year exercise period. Stargroup Limited (ASX:STL) signed an asset sale agreement to acquire a national ATM switching, settlement, processing, telecommunications and ATM reseller business from Indue Ltd for AUD 6.5 million on December 2, 2016. The transaction is subject to consummation of due diligence investigation in relation to purchase of the assets forming part of the transaction to the absolute satisfaction of Stargroup, approval of Stargroup shareholders, approval of Indue shareholders, Stargroup and Indue executing a binding asset sale agreement on terms agreeable to both parties and Stargroup and Indue entering into an agreement for the provision of ongoing services that Indue will provide to Stargroup. Stargroup Limited has completed the due diligence process. The transaction is expected to be completed by December 31, 2016. As of January 13, 2017, Stargroup executed all agreements to acquire a national ATM switching, settlement, processing, telecommunications and ATM reseller business from Indue Ltd. on December 30, 2016. The debt options were approved by the shareholders of Stargroup as on November 29, 2016. As of December 30, 2016, the sale contract became unconditional. The transaction is proceeding on an unconditional basis and will complete by January 24, 2017. As of February 20, 2017, Stargroup has agreed with Indue to further extend the completion date to no later than March 13, 2017. Matt Birney of Cannings Purple acted as public relations advisor to Stargroup. As of March 14, 2017 Stargroup Limited is in negotiation to extend the completion date for the acquisition. As of March 28, 2017, Stargroup Limited and Indue Ltd executed a deed of variation to the original agreement signed in relation to the transaction. The varied terms, include the payment of a further 5% non-refundable deposit, the payment of a further AUD 2.6 million to Indue Ltd on or before April 14, 2017 and the balance of the consideration is due and payable on or before April 28, 2017. The Board of Stargroup wishes to advise that it has also agreed to commercial terms with a major shareholder to provide loan funds totaling AUD 3 million for a period of two years to assist in the finalization of this acquisition. As of April 11, 2017, Stargroup Limited paid AUD 2.6 million to Indue Ltd in connection to transaction. As on May 1, 2017, Stargroup Limited successfully completed capital raise and finalization of the funding to complete the indue acquisition. Stargroup Limited (ASX:STL) completed the acquisition of a national ATM switching, settlement, processing, telecommunications and ATM reseller business from Indue Ltd on May 5, 2017.