Cuscal Limited completed the acquisition of unknown minority stake in Basiq Pty Ltd from Touch Ventures Limited.
Cuscal Limited completed the acquisition of unknown minority stake in Basiq Pty Ltd from Touch Ventures Limited (ASX:TVL) on March 29, 2023. Touch Ventures hereby confirms that all the conditions of the sale agreement have been satisfied and the transaction has now been completed. As a result, the Touch Ventures has received AUD 13.9 million of cash proceeds from the sale. The Touch Ventures is expecting some minor post completion adjustments and is also entitled to a further AUD 0.8 million as part of the final cash consideration, which remains subject to escrow arrangements for a period of up to two years and will be released subject to any claims made by the buyer against the sellers of Basiq.