BUZZ-Australia's Codan climbs to 3-year high after acquisition of US-based Kägwerks

Reuters

2024/09/25

** Shares of Codan rise as much as 1.4% to A$15.925, their highest levels since Aug 24, 2021

** The technology co acquires U.S.-based SKT2 LLC dba Kägwerks, through its unit, and expands its tactical communications technology suite

** Says acquisition consideration consists of an upfront cash payment of A$33.6 mln ($23.13 mln) together with royalty payments

** Co expects to complete acquisition by early Dec 2024

** Stock has risen 83.6% this year, as of last close

($1 = 1.4524 Australian dollars)

(Reporting by Sherin Sunny in Bengaluru)

((Sherin.Sunny@thomsonreuters.com))

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