GRG to acquire Sydney-based eFunds Group including exclusive outsource partner of Suncorp-Metway Ltd Adds second major bank branded partnership to GRG o eFunds Pty Ltd is the exclusive strategic outsourced ATM partner to Suncorp-Metway Ltd(Suncorp) o 239 ATMs already installed under the Suncorp agreements o 49 ATMs already installed in non bank branded locations o No integration/replacement expenditure required on the installed base of eFunds Group ATMs GRG further strengthens its high profile management team with the executive owners of the eFunds Group agreeing to sign two year management contracts All owners of the eFunds Group show commitment to GRGs growth by committing to 12 month voluntary escrow on shares issued as initial consideration GRG does not intend to raise capital for the cash component of the acquisition Second tranche of consideration adjusted according to eFunds Groups CY2011 eFunds Group forecast to add approximately $10.4m revenue and $3.6m EBITDA to GRG in CY2011
GRG Price at posting:
23.0¢ Sentiment: Buy Disclosure: Held
