According to The Hour Glass, the acquisition is in line with its strategy to continue expanding its presence in Australia and to strengthen its retail footprint. The acquisition is expected to provide The Hour Glass’ Australian subsidiary with an enlarged client base and “operating synergies”.
Mainboard-listed The Hour Glass (SGX:AGS
) has proposed to acquire A.C.N. 685 541 851 Pty Ltd (SPV), a watch retailer, for A$90 million ($75.6 million).
The company, through its Australian subsidiary, entered into a share purchase agreement (SPA) to acquire the newly-incorporated SPV.
