- Identity intelligence specialist GB Group has conditionally agreed to acquire IDscan Biometrics and raise up to £25m through a placing.

IDscan Biometrics helps authentication of documents including passports, visas, ID cards, driving licences, utility bills and work permits whilst also capturing facial biometrics which provides proof that those documents are not stolen. The combination represents a highly complementary capability set alongside GBG's unique global Know Your Customer, Anti-Money Laundering and fraud detection solutions.

The consideration will consist of cash on completion of £37 million, with a further maximum £8 million payable contingent on reaching revenue and EBITDA targets between 12 and 18 months from completion of the acquisition.

The Company intends to finance the acquisition through a non-underwritten share placing to raise up to £25 million and through borrowings under its existing back facilities. The transaction is expected to be earnings accretive in the first 12 months of consolidated GBG ownership.

At 8:02am: [LON:GBG] GB Group PLC share price was -3.62p at 284.38p

Story provided by