SINGAPORE: CSE Global Limited has accomplished the acquisition of Logic Wireless entities together with Logic Wireless Limited, Logic Wireless Pty Ltd, and Logic Wireless Europe Limited for a consideration of NZ$ 25 million ($20.8 million).
Following the completion of the acquisition, Logic Wireless Entities became oblique wholly-owned subsidiaries of CSE Global.
For the aim of holding the Logic Wireless Entities, CSE has incorporated a number of entities:
· CSE Technologies Pte Ltd Singapore holds 100% curiosity in Logic Wireless Europe Limited.
· Logic Wireless Holdings Limited New Zealand holds 100% curiosity in Logic Wireless Limited.
· Logic Wireless Holdings Australia holds 100% curiosity in Logic Wireless Pty Ltd.
Both Logic Wireless Holdings Australia and New Zealand are CSE Global’s oblique subsidiaries through the company’s wholly owned subsidiary CSE Technologies Pte Ltd Singapore.
The group sees this acquisition as an alternative for it to expand and extend its existing radio-communication enterprise and options to its customers in New Zealand, Australia and the UK.
Logic Wireless is a number one supplier of critical communication such as two-way radio and cellular communication solutions through New Zealand (plus the Pacific Islands), Australia and the UK based in 2004.
Two-way radio communication and mobile options are distributed by Logic Wireless to governments and core industries together with transport, mining, forestry and public security to meet critical communication and well being & security needs. Logic Wireless has established complete dealer networks in New Zealand and Australia along with developing a dealer community within the United Kingdom.
Over the final two years, Logic Wireless has been developing Software as a Service (SaaS) options that combine conventional two-way radio and broadband mobile products. Based on its unaudited consolidated monetary statements for the monetary year ended June 30, Logic Wireless recorded net revenue earlier than tax of roughly NZD4.0 million and EBITDA of NZD4.5 million.
Further, the net book worth and net tangible assets attributable to the sale shares as at June 30 were roughly NZD7.2 million. The open market worth of the sale shares is not available because the sale shares are not listed or traded on any securities exchange.