TRGIL completes sale of all its economic stake in Etelequote Ltd

MG News | July 02, 2021 at 09:42 AM GMT+05:00

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July 2, 2021 (MLN): TRG Pakistan has announced that its associate, The Resource Group International Limited (TRGIL), has completed the sale of all its economic interest in its subsidiary Etelequote Limited as per the terms and conditions.

According to the notice issued by TRG, this closing took place on 1^st July 2021.

Earlier, a notice issued to PSX on 20^th April said that the transaction has a total enterprise value of $600 million and implied equity value at closing is around $450 million while estimated consideration for TRGIL is $309 million that includes the purchase price escrow and $15 million in note payable one year after closing.

In addition to the above consideration, there is a potential earn-out of up to $35 million payable to TRGIL over the next two years, contingent on the successor Company meeting certain financial targets in 2021 and 2022.

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