Thomson Geer is advising Wentronic Holding, a leading German manufacturer and distributor of consumer electronics accessories, on the proposed acquisition of Cellnet Group, Australia and New Zealand's leading lifestyle and gaming technology accessory distributor for A$6.6 million.
The acquisition of Cellnet will benefit both the business and Cellnet's customers, suppliers, employees and other stakeholders through Wentronic's commitment to the market, greater financial stability and scale, and better integration with its global business.
Wentronic has been a major shareholder in Cellnet since 2017 and currently holds (with its associates) approximately 53.2% of Cellnet shares on issue.
The proposed 2.7 cents per share cash scheme consideration is a significant premium to the undisturbed share price, provides certainty of value to shareholders and represents a compelling price having regard to market conditions, Cellnet's recent financial performance and the future capital requirements of the business.