StockMarketWire.com - CentralNic Group entered into a conditional agreement to acquire Sydney-based business TPP Wholesale, $24m AUD.

TPP Wholesale, the platform for resellers of domain names and hosting in Australasia, had around 14,000 reseller customers and 840,000 domains under management, including 19% of all .com.au registrations.

TPP Wholesale would be an extension in Australia and New Zealand of CentralNic's largest business unit, which supplied domain names to resellers globally including most of the world's top ten domain name retailers by volume.

The acquisition was conditional on a financing condition, which CentralNic's expected to be satisfied towards the end of June.

'The CentralNic Board expect the acquisition to be immediately earnings enhancing and that it will result in double digit earnings accretion for the financial year to 31 December 2020,' the company said.

At 8:33am: [LON:CNIC] Centralnic Group Plc share price was +2.5p at 59.5p



Story provided by StockMarketWire.com