McMillan Shakespeare Limited
(ASX:MMS) has the announced the acquisition of 100 per cent of the shares in UK asset finance broker, Anglo Scottish Asset Finance.
The consideration is an upfront cash payment of 7.7 million pounds and a potential earn out payment of a maximum of 7 million pounds based on the achievement of a three year cumulative EBITDA target up to 31 December 2018.
The company says the transaction was funded via cash reserves.
It also says the acquisition represents another building block in providing integrated asset finance and asset management business in the UK which commenced in 2013 with the acquisition of CLM Fleet Management.
McMillan Shakespeare reported a net profit of $67.48 million at 30 June 2015.
