As previously announced on 16 February 2021, Codan Limited (ASX: “CDA”) advised that it had reached agreement to acquire all of the shares in US-based company, Domo Tactical Communications (DTC) from DTC Management Topco, LP, a Delaware limited partnership, being an entity controlled by Marlin Equity Partners. DTC is an established technology provider for high bandwidth wireless communications with specialist capabilities in MIMO Mesh networks.

This transaction has been successfully completed today.

The total consideration for the acquisition comprised an upfront cash payment of USD$88 million (approximately AUD$114 million), with the possibility of an additional payment of up to USD$16 million if certain earn-out targets are achieved in calendar year 2021.