Well Integrity Limited agreed to acquire Tasman operations in Australia and New Zealand from Northbridge Industrial Services plc (AIM:NBI) for AUD 7.8 million on February 18, 2022. The consideration will be paid in four tranches, with AUD 6 million paid on Completion and the balance in three instalments, with the final instalment due twelve months after completion. The purchase agreement contains a mechanism to adjust the total consideration according to the actual net debt and working capital at completion. The completion will be subject to satisfaction of various procedural conditions and is expected to close on or before February 28, 2022. Robert Finlay and David Coaten of Shore Capital Markets Limited acted as financial advisor to Northbridge.

Well Integrity Limited completed the acquisition of Tasman operations in Australia and New Zealand from Northbridge Industrial Services plc (AIM:NBI) on March 1, 2022.