Aesthetica Group Pty Ltd signed a binding business sale agreement to acquire Immersion Clinical Spas from Wellness and Beauty Solutions Limited (ASX:WNB) for AUD 1.1 million on September 21, 2020. The sale price of AUD 1.1 million includes AUD 0.55 million to be received on completion, and AUD 0.55 million in July 2021. Immersion Clinical Spas posted an unaudited EBITDA loss of AUD 1.2 million in financial year ending June 30, 2020. The agreement involves transfer of all trademarks, registrations, website, and social media channels, all leases, with clinics to be transferred in current retail ready state, all fixed assets included but not limited to CoolSculpting and Laser equipment, current inventory and employee entitlements. The transaction is subject to conditions including lease transfer agreement by landlords, removal of encumbrances, ASX confirming no shareholder approval for the sale being required and parties entering into a General Security Deed under which Aesthetica Group provides security to Wellness and Beauty Solutions in respect to the deferred consideration. Wellness and Beauty Solutions has obtained confirmation from ASX that the sale does not require shareholder approval. Completion is expected to occur over the coming weeks. For Wellness and Beauty Solutions, the divestment delivers strong cash flow benefits both from the cash payment of AUD 1.1 million along with significant cost relief due to a reduction in lease liabilities, employment costs, consumable and product costs totaling more than AUD 2.5 million per annum. The transaction is expected to close in October 2020.