Microdot technology developer DataDot (ASX:DDT) has arranged to acquire the CSIRO's 50% holding in subsidiary DataTrace DNA for nearly $1.4 million in shares.
Under the arrangement, DataDot will buy CSIRO's entire stake in the DataTrace for $1 million, and pay an extra $395,000 to acquire full ownership of the DataTrace intellectual property.
Subject to shareholder approval, the transaction should be complete by mid-December, DataDot said. The CSIRO will have a 9% holding in DataDot's issued share capital following completion.
“DataTrace is a strategically important asset for DDT and recent developments and enhancements of the technology make it a valuable asset for the authentication and anti-counterfeit market globally,” DataDot CEO Ben Bootle said.
DDT shares are today trading unchanged at $0.049.
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