Axxis Technology Group (ASX:AYG), formerly Anittel Group, has completed the sale of the Anittel business to Inabox Group (ASX:IAB) for 6,153,846 IAB shares and $1 million in cash.
The company may also receive performance based consideration of up to $1.5 million in cash for several measures relating to the performance of the Anittel business in the period from completion on 1 January 2015 to 30 June 2015.
The IAB consideration shares will be distributed to the company’s shareholders by way of an equal capital reduction.
Axxis is currently conducting its due diligence on the acquisition of new business assets.
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