Pennant International to buy Aviation Skills for up to £6.8m

Defence training services company Pennant International Group said it had agreed to acquire Aviation Skills Holdings for up to £6.8m and launched a share issue to help fund the deal.

Pennant said it raised £1.8m by issuing new shares in the company at 110p per share.

The acquisition purchase price was expected to comprise an upfront payment of £250k, with a further payment based on completion accounts, capped at £750k combined.

They would be followed by a multi-year earn-out determined by Aviation Skills' profitability.

The maximum aggregate consideration payable by Pennant was expected to be capped at £6.8m.

At 1:43pm: (LON:PEN) Pennant International Group PLC share price was -4.5p at 110p