WiseTech said there were about $US10 million in transactrion costs to cover. Part of that’s expected to go to BoA.
Bank of America has advised WiseTech on its $US230 million acquisition of US-based transport management system software provider Envase Technologies.
WiseTech announced the acquisition on Wednesday, saying it would pay 70 per cent cash and issue new shares worth 30 per cent of the purchase price.The cash was to come from existing reserves, while there would be 1.875 million new shares issued.Part of the costs is likely to be advisory fees. BoA will be sending an invoice, having advised Richard White and his team on the acquisition.
WiseTech founder and CEO Richard White said buying Envase “extends and strengthens our position in one of our six key CargoWise development priority areas”. CargoWise is the Australian company’s flagship software platform that is used by logistics services providers globally. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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