Mayfield Group Holdings (ASX:MYG) entered into a binding asset sale agreement to acquire the switchboards division of Nilsen (SA), including the N-Series product line and all associated intellectual property, for AU$4 million in cash, according to a Monday Australian bourse filing.

Around 66 employees are expected to transfer to Mayfield as part of the transaction, per the filing. The transaction also includes AU$3.9 million of customer contracts and project opportunities.

Completion of the deal is subject to the satisfaction or waiver of customary conditions precedent, including employee transfer thresholds. The deal is expected to be completed on or before July 31.

Mayfield's shares fell 3% in recent trading on Monday.