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LONDON - Ikigai Ventures Limited (LSE:IKIV) announced Thursday it has entered into conditional, non-binding heads of terms to acquire Dotlines Global Plc and Audra Solutions Limited for approximately £67 million. The deal would be satisfied through the issuance of new Ikigai shares.
Following the proposed acquisition, Ikigai plans to delist from the London Stock Exchange (LON:LSEG)’s Main Market and seek admission to trading on AIM, the exchange’s growth company market.
The Target (NYSE:TGT) Group operates as a vertically integrated technology group across the UK and Southeast Asia, with offices in London, Singapore, and Malaysia. Its business focuses on digital infrastructure, AI-driven cybersecurity, and fintech solutions.
For the financial year ending December 31, 2024, the Target Group reported unaudited pro forma revenues of £22 million and EBITDA of £1.7 million.
Trading in Ikigai’s shares has been suspended as of Thursday morning, in accordance with UK Listing Rules, as the acquisition would be classified as an "initial transaction."
The proposed acquisition remains subject to due diligence, execution of binding share purchase agreements, shareholder approval, and a waiver from the Panel on Takeovers and Mergers regarding Rule 9 of the Takeover Code.
Kane Black, Chief Executive of Ikigai, described Dotlines and Audra as "an innovative and fast-growing technology group" while Mahbubul Matin, Founder and Chairman of Dotlines Global and Audra, stated the transaction "marks an important step in our journey to scale our presence."
Allenby Capital Limited has been appointed as Ikigai’s Sponsor, Financial Adviser, Nominated Adviser and Broker for the proposed acquisition and admission.
The company noted there is no certainty the acquisition will be successfully completed. If the deal falls through, Ikigai expects its listing suspension would be lifted, subject to FCA approval.
This article is based on a press release statement from Ikigai Ventures Limited.
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