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Inventis to complete sale of technology unit

Inventis to complete sale of technology unit

Inventis Limited (ASX:IVT) will complete the sale of its technology division for $23 million this month, after satisfying pre-conditions of the deal.

The sale to a consortium consisting of Aschmoun UK Limited and Serdonko Limited will now be effective from Friday, although the actual transaction will take place next Wednesday.

Inventis shareholders overwhelmingly voted to approve the sale of the division, which includes rugged portable computer system designer Opentech Systems, at an extraordinary general meeting last month.

The sale was first announced on February, and at the time Inventis said it was conditional on conditions including due diligence and Westpac (ASX:WBC) agreeing to a post-divestiture loan.

Inventis' technology division generated revenue of $6 million in the first six months of FY11, a 6% decrease year-on-year, according to the company's 1H report.

The company also has a furniture division, which reported revenue of $7.5 million for the half, roughly flat year on year.

IVT shares stayed flat on Wednesday at $0.105.

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Tags InventistechnologyASX:IVTMergers and acquisitions

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