Tarsus to acquire majority stake in Foshan Huaxia

Tarsus Group has conditionally agreed to acquire 65% of Foshan Huaxia Home Textile Development Co., Ltd. It is making the acquisition from Guangdong Home Textile Association and Association Member shareholders.

Foshan Huaxia owns the Home Furnishing Expo (Hometex), the leading bi-annual home textiles exhibition in China.

The acquisition of 65% of Foshun Huaxia is for an estimated cash consideration of RMB174m, payable by way of initial consideration of approximately RMB116m with further payments of up to RMB58m in 2017 and 2018 subject to certain conditions.

The maximum consideration payable is capped at RMB200m.

At 9:30am: (LON:TRS) Tarsus PLC share price was +2p at 281p

Story provided by StockMarketWire.com