Kelly Partners Group Walks Away From Eurofast International Deal

MT Newswires Live

Jun 17

Kelly Partners Group Holdings (ASX:KPG) said it decided not to proceed with a planned acquisition of Cypriot business advisory firm Eurofast International after the target asked for a "materially large" additional upfront payment, according to a Wednesday filing with the Australian bourse.

The completion of the deal was delayed due to the size and complexity of due diligence, and the request for the additional upfront payment did not meet Kelly Partners' acquisition criteria.

"Our experience is that entering into partnerships requires cooperation and similar views and without these, successful execution is difficult," the company said.

Kelly Partners Group shares rose 1% in recent Wednesday trade.

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