- LiveTiles (LVT) is acquiring the remaining 80.03 per cent stake in climate change consultancy business My Net Zero for $10 million
- The company initially invested a 19.97 per cent stake in My Net Zero in December last year however, after increased demand from its customers, LiveTiles sees an opportunity to accelerate growth
- The acquisition will take place in tranches with the first to be paid via the issue of $4.27 million worth of shares, bringing LiveTiles’ stake to 55 per cent
- The remaining interest will be acquired over one or more tranches over the next 18 months
- Shares in LiveTiles are up 1.72 per cent, trading at 5.9 cents as of 1:49 pm AEDT
LiveTiles (LVT) has entered a binding agreement to acquire the remaining 80.03 per cent interest in climate change consultancy business My Net Zero for a total of $10 million.
The company had initially invested into My Net Zero for a 19.97 per cent minority stake in December 2021.
The acquisition will take place in tranches, with the first tranche to be paid via the issue of up to 68.3 million shares priced at the greater of 6.25 cents, or the 30-day volume-weighted average price. The shares are valued at $4.27 million and will bring LiveTiles’ interest to 55 per cent.
The remainder of the shares may be purchased over the next 18 months in one or more tranches following completion of the initial tranche for an aggregate amount of $5.73 million.
According to the company, the acquisition follows rapidly growing demand from existing LiveTiles customers and provides an opportunity to accelerate growth and perfectly align with the changing employee engagement needs of global leading enterprises.
LiveTiles co-founder and CEO Karl Redenbach said the company’s relationship with My Net Zero continues to go from strength to strength.
“The acquisition of My Net Zero is timely and natural and allows us to expand our product offering in line with the demands of our customers to accelerate growth and attract larger highly profitable new customers.”
The partnerships’ newest joint product is Green Teams, an initiative that allows employees to offset their energy consumption at home using reputable renewable energy certificates and has received “excellent feedback” from users so far.
Shares in LiveTiles were up 1.72 per cent, trading at 5.9 cents as of 1:49 pm AEDT.