Business
Acquisition of Photobooth Business in Japan
Acquisition of Photobooth Business in Japan.
About this update from Me Group International Plc
[{"type":"text","content":"\n\nThis announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \n \n\n\n\n\n\n\n\n\n\n \n \n \n \n \n\n 3 July 2023\n \nME Group International plc\n(the \"Group\" or the \"Company\")\n \nEntering into a company split agreement with regard to the acquisition of Photobooth Business in Japan (the \"Transaction\")\n \nME Group International plc (LON: MEGP), the instant-service vending equipment group, is pleased to announce that today the Company's Japanese subsidiary, ME Group Japan K.K. (\"ME Group Japan\") entered into a binding conditional agreement to buy the automated-photobooth business owned and operated by two subsidiaries of FUJIFILM Corporation in Japan (the \"Business\").\n \nThe total Transaction consideration is approximately £5.5 million (Japanese Yen 996 million) and is capped at that amount but may reduce subject to an adjustment mechanism under the binding conditional agreement. The Group expects to fund the Transaction by means of a new local loan facility on commercially advantageous terms. Should this not be available, the Group will fund the Transaction from its existing cash resources. The Group believes that the Transaction will complete by the end of September 2023.\n \nCommenting on the Transaction, Serge Crasnianski, Deputy Chairman and CEO, said:\n \n\"We are delighted to announce the significant expansion of our operations in Japan from our current installed estate of approximately 10,500 photobooths in the region today. The transaction fully aligns with our strategy of further consolidating our leading market position in our core markets, as well as making selective bolt-on acquisitions.\n \n\"Demand for Photo ID in Japan remains robust, driven by the Japanese government's social security and taxation photo ID card scheme. The acquired photobooths will be fully integrated into the Group's operations in Japan and will benefit from operational synergies under the Group's ownership. \n \n\"Upon completion, the Group will become the leading opera...