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Bids, Mergers and Takeovers

Charles Taylor acquires Criterion

10 August 2017 09:25

Charles Taylor subsidiary, Charles Taylor Adjusting Limited, has acquired Criterion Adjusters, Criterion Surveyors and Criterion Claims Management, a group of specialist loss adjusting, surveying and claims management businesses, for a maximum consideration of £13.1 million.

Criterion is focused on the UK high net worth property, fine art and antiques insurance sectors.

Charles Taylor paid £5.3 million in cash on completion to acquire 100% of the equity of the three Criterion businesses.

It said a further payment of £1.0 million had been made to the shareholders to reflect the net cash position of the company and to enable them to settle directors' loans owing to Criterion.

It said a deferred consideration of up to £7.8 million would be paid, based on business performance over the three years following completion, of which 50% would be paid annually over the three years, with the remaining 50% held back and released on the fifth anniversary of completion.

At 9:25am: (LON:CTR) Charles Taylor PLC share price was -2.5p at 242.5p

Story provided by StockMarketWire.com

Related Company: CTR

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