Infotrust Completes AU$50 Million Divestment of Cloud and Communications Segment to Aussie Broadband; Shares Rise 3%

MT Newswires Live

Mar 31

Infotrust (ASX:ITS) said it has completed the divestment of its Cloud and Communications segment, comprising 100% of Nexgen Investment Group and its units, to Aussie Broadband (ASX:ABB), according to a Tuesday Australian bourse filing.

The company said total consideration payable for on-target earnings is AU$50 million, of which AU$44.1 million was received as upfront cash consideration on completion, with up to AU$5.9 million of contingent consideration payable subject to Nexgen achieving agreed earnings before interest, taxes, depreciation, and amortization (EBITDA) performance targets in fiscal year 2026 or fiscal year 2027.

The company added that the divestment strengthens the company's balance sheet to support its cybersecurity growth strategy and acquisition pipeline as it transforms into a cyber-first technology services provider.

Aussie Broadband shares rose 3% in recent Tuesday trade.

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