SIS-Australia Group to acquire remaining 15% stake in Safety Direct Solutions

The acquisition will be completed on or before September 30, 2024.

September 13, 2022 9:29 IST | India Infoline News Service
SIS Australia Group Pty Limited (SIS Australia Group), a subsidiary of SIS Limited, signed a Shareholders' Agreement to acquire an additional 15% interest in Safety Direct Solutions Pty Ltd (SDS).

Upon completion of the above acquisition, SIS’ shareholding would increase from 85% to 100%.

This acquisition is a strategic fit and complementary to the “Strategic Medical” business of SIS Group in Australia. This acquisition will amount to SIS Group Australia’s largest Emergency Services provider.

The acquisition will be completed on or before September 30, 2024.

The acquisition cost will be determined using a formula based on SDS performance over the next two years.

SDS is a prominent provider of critical risk, medical, training, and security services to Australia's Fortune 500 companies. SDS provides clients with distinct, highly specialised services delivered by experienced and qualified experts and supported by a purpose-built training platform.

SDS has built a strong client base in the defence, mining, and oil and gas industries, with 7+ years of client relationships with the top 20 clients.

At around 9.32 AM, SIS was trading at Rs455.50 up by 0.13% from its previous closing of Rs454.90 on the BSE. The scrip opened at Rs459.80 and touched intraday high and low of Rs459.80 and Rs453.60 respectively.

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