Pennant International Group plc (AIM:PEN) signed a contract to acquire Absolute Data Group Pty Ltd for AUD 6.5 million on January 21, 2020. As per the terms, the consideration is subjected to adjustment on completion for cash, working capital and debt and shall be payable as 50% of upfront consideration with AUD 0.325 million to be settled by the issue of ordinary Pennant shares and the remainder in cash. The remaining 50% is payable in the five years after completion at 10% per year in cash subjected to the satisfaction of financial performance hurdle. For the year ending June 30, 2019, revenue, profit before tax and net asset of AUD 2.2 million, approximately AUD 0.9 million and AUD 3.5 million respectively. Transaction is subjected to the satisfaction of pre -conditions and to the finalization of financing arrangements. The transaction is expected to complete before the end of February 2020. Mike Coe and Chris Savidge of WH Ireland Limited acted as a financial advisor to Pennant International Group.