Melbourne technology and digital services company RXP Services has agreed terms to buy Sydney creative agency The Works, sources told Street Talk on Tuesday.
It's understood RXP will pay $25 million upfront, with more available to The Works' vendors under a two-year earn out agreement.
The deal valued The Works at eight-times earnings, and is expected to be accretive to RXP Services on an earnings per share basis.
RXP is seeking to raise $16.9 million at 80.5¢ a share to cover the acquisition.
Shaw and Partners kicked off the deal on Monday night, as reported by Street Talk.
The deal is expected to be announced on Wednesday.
Read more: http://www.copyright link/street-talk/rxp-services-ready-to-buy-the-works-20170801-gxmuf4#ixzz4oTzDklKK
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Ann: Trading Halt, page-21
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