Megalogic Technology Holdings Limited (SEHK:8242) entered into memorandum of understanding to acquire Quick Wit Ventures Limited from Standard Apex Limited for HKD 140 million on December 22, 2016. Megalogic Technology Holdings Limited entered into a sale purchase agreement to acquire Quick Wit Ventures Limited from Standard Apex Limited on January 6, 2017. Megalogic Technology Holdings will acquire 100 shares of Quick Wit Ventures. Under the terms of the agreement, HKD 10 million will be paid in cash and HKD 40 million will be paid through issuance of promissory notes. Post completion, Quick Wit Ventures will operate as wholly owned subsidiary of Megalogic Technology Holdings Limited. The cash consideration will be financed through internal resources of Megalogic Technology Holdings Limited. Quick Wit Ventures reported profit after tax of HKD 0.21 million and net assets of HKD 0.64 million for the year ended December 31, 2016. Under the terms, Megalogic Technology Holdings Limited shall be entitled to carry out due diligence review. The memorandum of understanding will be automatically terminated upon the expiry of the exclusivity period which is of 2 months or entering into formal agreement, whichever is earlier. The transaction is subject to Megalogic Technology Holdings Limited being satisfied with the results of the due diligence, subject to all necessary waiver, consent, approval, licence, authorisation, permission, order and exemption (if required) from the relevant governmental or regulatory authorities or other third parties, obtaining of a PRC legal opinion in relation to agreement. If the conditions are not satisfied by February 6, 2017, the agreement shall cease. Completion shall take place within five business day after the date of fulfillment of all the conditions set out above or such later date as the parties may agree. Grand Harbour Corporate Finance Limited acted as financial advisor for Megalogic Technology Holdings Limited. Megalogic Technology Holdings Limited (SEHK:8242) completed the acquisition of Quick Wit Ventures Limited from Standard Apex Limited on January 20, 2017.