• COG acquires salary packaging business and novated leasing business EasiFleet for $40 million
• Acquisition expected to be funded by COG's cash resources and debt facility
• Acquisition strengthens COG's national coverage and positions it for upcoming government tenders

COG Financial Services Limited (ASX: COG) has announced the acquisition of salary packaging business and novated leasing business, EasiFleet Pty Ltd, via its salary packaging subsidiary business, Paywise Pty Ltd, for $40 million. The acquisition is at a multiple of 6 times FY 25 EBITDA on a post synergies basis. In addition, deferred payments of up to a maximum of $4.6m are payable in the period from June 2027 to June 2029 depending on the extension of the FBT Exemption for electric vehicles. The $40 million purchase consideration is expected to be funded by approximately $37m from a mix of COG's cash resources and by drawing down on COG's debt facility, with the balance coming from minority shareholders. With the acquisition of EasiFleet, the Paywise Group now holds contracts with Western Australia, Northern Territory, Tasmania, Queensland and the Australian Capital Territory Governments, providing national coverage and enabling the Group to provide novated leasing and salary packaging services to a significant proportion of the Australian public sector workforce. COG CEO Andrew Bennett stated that the acquisition of EasiFleet reflects COG's strategy to build a diversified, national salary packaging business and positions the company strongly for the upcoming New South Wales and Victorian Government tenders.