GP Strategies Corp. (NYSE:GPX) signed a letter of intent to acquire Effective-People and Effective-Learning from Effective-Companies A/S for $15.4 million on January 17, 2014. The upfront purchase price was $9 million which was to be paid in cash at closing.

In addition, the purchase agreement requires up to an additional $6.4 million of consideration, contingent upon the achievement of certain earnings targets during the two twelve-month periods following completion of the acquisition. The transaction is subject to customary closing conditions, including execution and delivery of an acquisition agreement, completion of confirmatory due diligence and receipt of any required regulatory and third party approvals. The transaction is expected to close within the next 60 days.

Thomas Weincke and Anne Sofie Bendix Ranch of Accura Advokataktieselskab acted as legal advisor to GP Strategies Corp.