Vinyl Group (ASX:VNL) agreed to acquire the assets of UK-based Web3 platform Serenade through a business deed sale, according to a Monday filing with the Australian Securities Exchange.
Consideration for the sale includes an upfront payment of $800,000 in Vinyl shares and an additional $1.5 million shares to Serenade shareholders, contingent on the combined business of Vinyl.com and Serenade achieving a minimum revenue target of $4 million and earnings before interest and taxes of $500,000 in the 12 months after the completion date, the filing said.
The company will also purchase Serenade's UK subsidiary for $1 with a 1-month put option, according to the filing.
Vinyl Group shares rose more than 8% in morning trade on Monday.
Price (AUD): $0.11, Change: $+0.01, Percent Change: +8.24%
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