Workforce Holdings Limited (JSE:WKF) entered into a sale of shares agreement to acquire KBC Health and Safety (Pty) Ltd from Graham Mark Emmett, Yireh Investment Trust and Tad Hartman Trust for ZAR 47 million on January 12, 2017. As a part consideration, Workforce will pay ZAR 22.5 million in cash payable 14 days after the first business day following the fulfillment or waiver of the conditions and balance as earn-out payment in three installments. First amount of earnout will be paid in cash 30 days after the finalisation of the audited financial statements of KBC Holdings for the 12-month period ended December 31, 2017. Second payment will be made in cash 30 days after the finalisation of the audited financial statements of KBC Holdings for the 12-month period ended December 31, 2018. A top up payment will be made with regard to unpaid amount for the second payment. The acquisition is being funded out of existing cash facilities. KBC Health had net assets of ZAR 14.7 million and profit after tax of ZAR 4.9 million for the year ended February 29, 2016. The deal is subject to approval of the boards of directors of both Workforce and KBC Holdings, compliance with any statutory and or regulatory requirements applicable for the conclusion and or implementation of the acquisition and due diligence. As on February 27, 2017, the transaction has become unconditional and all the conditions related to the agreement have been fulfilled. The deal is expected to close by January 31, 2017. Merchantec (Proprietary) Limited acted as financial advisor for Workforce.