NEXION Group Ltd (ASX:NNG) agreed to acquire Silicon Systems Limited for NZD 6.15 million on July 25, 2022. The 42% consideration will be paid in cash amounting. NEXION raising at least NZD 7.425 million cash via debt and/or equity.

The un-audited revenue of Silicon to the end of the NZ March 31, 2022 was NZD 5.59 million and EBITDA NZD 0.88 million. The transaction is subject to conditions of due diligence, board, shareholder, regulator, and third-party approvals. The transaction is expected to complete when all conditions are satisfied and if the conditions remain unsatisfied after November 30, 2022, then either party may terminate the agreement.

As of November 24, 2022 Nexion has extended the closing dates for Silicon Systems acquisition to February 28, 2023. NEXION has extended the term sheet to acquire Silicon Systems Limited to 31 March 2023.