Hyve Group Announces Acquisition Of 121 Group - Quick Facts

Hyve Group plc has agreed to acquire 121 Group (HK) Limited and 121 Partners Limited, a one-on-one meeting provider for the mining sector. The estimated total consideration after earn-out is expected to be between approximately 42 million pounds and 50 million pounds. Initial consideration of 21 million pounds will be payable at completion, with an earn-out period to March 2024.

Hyve also has placed 13,818,698 new ordinary shares in the company to raise gross proceeds of approximately 14.79 million pounds, representing approximately 5.21% of the existing issued share capital, with institutional investors. The placing shares have been placed at a price of 107 pence. The company also announced a direct subscription of 12,694,102 new ordinary shares at a price of 112.35 pence per new ordinary share by investment funds managed by SVPGlobal, representing approximately 4.79% of the existing issued share capital, to raise gross proceeds of approximately 14.26 million pounds.

The Group will use the net proceeds of the placing and subscription to fund the initial consideration.

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