<article>Singapore-listed <a href="http://www.nordicgroup.com/" target="_blank">Nordic Group Limited</a> said its wholly owned subsidiary has reached a deal to acquire <a href="http://www.ae.com.sg/" target="_blank">Austin Energy (Asia) Pte Ltd</a> for S$26 million ($18.9 million)</article>

Singapore-listed <a href="http://www.nordicgroup.com/" target="_blank">Nordic Group Limited</a> said its wholly owned subsidiary has reached a deal to acquire <a href="http://www.ae.com.sg/" target="_blank">Austin Energy (Asia) Pte Ltd</a> for S$26 million ($18.9 million)
The deal will see its subsidiary &#8211; <a href="http://www.nordicflowcontrol.com/" target="_blank">Nordic Flow Control Pte Ltd</a> &#8211; acquire the entire issued and paid-up share capital of Austin Energy from David Tan Choon Watt, Tay Alice and Lyanne Tan Rui Lin.
The Nordic Group will make the payments in three stages. Initially, it will pay S$15 million upon completion of the acquisition, followed by S$5.5 million, within six months from completion. The final tranche will be of S$5.5 million, paid within twelve months from completion (of the acquisition).
The company will finance the deal through a combination of internally generated funds and bank borrowings.
“In line with the group’s strategy to acquire new businesses which are synergistic with its existing businesses, the proposed acquisition presents the opportunity for the group to expand its service offering,” Nordic Group said in a filing with the Singapore Exchange.
Related Stories:
<a style="color: #ff0000;" title="Boustead acquires 20% stake in Mason Energy for $5.9m" href="http://www.dealstreetasia.com/stories/boustead-acquires-20-mason-energy-5-9m-3134/" rel="bookmark">Boustead acquires 20% stake in Mason Energy for $5.9m</a>
<a style="color: #ff0000;" title="Rex acquires 30% in Norway oil well, increases stake in Cory Moruga block" href="http://www.dealstreetasia.com/stories/rex-acquires-30-stake-norway-oil-well-increases-indirect-stake-cory-moruga-block-83-8-3284/" rel="bookmark">Rex acquires 30% in Norway oil well, increases stake in Cory Moruga block</a>

Singapore-listed Nordic Group Limited said its wholly owned subsidiary has reached a deal to acquire Austin Energy (Asia) for S$26 million ($18.9 million)

Singapore's Nordic Group to acquire Austin Energy for $19m

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Singapore's Nordic Group to acquire Austin Energy for $19m

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief