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TT International to acquire TEAC
Posted on Friday, 17 March 2017 15:20
TTA Holdings has signed on the dotted line to sell the entire share capital of Australian audio and visual consumer electronics wholesaler TEAC Australia to TT International for AUD 1.00 million (USD 768,620 million), which will be deducted from a capital return exercise.

Completion is expected by 8th May 2017.

Subsequently, TT International will divest its interest in TTA Holdings to Jingyi Group for AUD 1.00 million in an institutional buyout.

The buyer is looking to acquire 117.50 million stocks in the target, representing an 85.5 per cent stake in the group’s outstanding capital.

No further details on the transaction were disclosed.

Australia-based TTA Holdings manufactures and distributes consumer electronic products, including televisions, audio systems, and digital video recorders.

The company, which was formerly known as Austral Waste Group, is listed on the Australian Securities Exchange and its stocks closed at AUD 0.04 on 9th March 2017, the last trading day prior to the deal being announced, valuing the firm at about AUD 5.50 million.

According to Zephyr, the M&A database published by Bureau van Dijk, there have been 11 deals targeting household appliances, electric housewares, and consumer electronics merchant wholesalers announced worldwide so far 2017.

The largest of these was Bennelong Fund Management Group and other associates’ AUD 27.94 million sale of a 2.6 per cent stake in Australia-based Breville Group in January.

This was followed by US-headquartered Bodyfriend America’s USD 5.00 million capital increase in February.

Electra Gruppen, Tehnopromet and Ternary Technologies, among others, have also been targeted this year.

© Zephus Ltd