Stockbroker Investorfirst Limited (ASX:INQ) has arranged to acquire an 81% holding in Alert Trader Group for $1.1 million and 10.7 million new INQ shares.
The new INQ shares will be escrowed for 12 months.
Under the arrangement, Investorfirst retains the ability to acquire the remaining 19% of Alert Trader, either through a put option based on adjusted revenues, or a call option to acquire the entire stake for $429,000.
Investorfirst executive chairman Otto Buttula said that bringing Alert Trader under the company's umbrella should “increase our market share in the stockbroking agency market, whilst adding new valuable features and breadth to our product suite.”
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