Key points
- HiTech Group completes acquisition of selected Hudson assets
- Creates a leading national workforce solutions and professional services platform
- Transaction provides immediate scale and growth opportunities
- Acquisition price less than 1.0x pro forma LTM EBITDA
Full summary
HiTech Group Australia Ltd has successfully completed the acquisition of selected assets of Hudson Global Resources Australia Pty Ltd, marking a significant step in its strategy to build a diversified national ICT professional services and workforce solutions platform. The acquisition provides immediate scale and growth opportunities, expanding HiTech's national footprint, customer relationships, and contractor base across NSW, ACT, QLD, SA, and WA. The transaction was structured as an asset acquisition out of administration, allowing HiTech to acquire Hudson's operating assets, customer contracts, and contractor book while limiting exposure to historical liabilities. The upfront consideration was funded from HiTech's existing cash reserves and a committed debt facility. The acquisition price is less than 1.0x pro forma LTM EBITDA.