Spirit Technology Solutions (ASX:ST1) looks to raise $23M for Nexgen acquisition | The Market Herald

Spirit Technology Solutions (ST1) has tapped investors for $23.8 million to fund its acquisition of Australian telecom business Nexgen.

The move is set to bring in over 5000 new business-to-business clients for Spirit and potentially generate $36 million in predominantly recurring revenue.

Consideration for the buy will be a blend of cash and shares, with 30 per cent of the consideration in Spirit shares and the remaining 70 per cent in cash from the capital raise and a Commonwealth Bank debt facility.

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