COG Financial Services (ASX:COG) acquired a further 14.1% stake in its Fleet Network subsidiary, under the Paywise salary packaging and novated leasing platform, bringing its holding to about 92.4%, according to a Thursday filing with the Australian bourse.

The consideration involves AU$23.9 million, with deferred consideration of up to AU$4.7 million payable from June 2028 to December 2030, the filing said.

The company also has binding commitments to raise AU$20 million through the issue of 10 million new shares at AU$2 apiece, with the net proceeds partially funding the acquisition, per the filing.

Shares rose more than 12% in morning trade Thursday and earlier reached their highest since July 2008.