Atturra to Acquire Cirrus in Strategic IT Deal

Atturra Limited (ASX: ATT), a prominent advisory and technology services firm specializing in IT solutions, is set to acquire Cirrus Networks Holdings Limited, a leading managed services and IT solutions provider, through a Scheme of Arrangement. This acquisition marks a significant move, with Atturra Holdings Pty Ltd, a subsidiary of Atturra, purchasing 100% of Cirrus' ordinary shares. The deal offers Cirrus shareholders a Scheme Consideration of $0.053 per Cirrus share, representing a 29.3% premium to the last closing price and a 25.5% premium based on the 30-day VWAP as of September 8, 2023.

Cirrus shareholders have the flexibility to choose between various consideration options, including cash, shares, or a combination of both. This acquisition is expected to enhance Atturra's earnings per share and expand its presence in the ACT, WA, and VIC regions while enlarging its government and enterprise customer base. The Scheme Implementation Deed has received unanimous approval from the Cirrus Board of Directors, contingent upon no superior proposals and continued endorsement from the Independent Expert. The transaction, valued at approximately $49.3 million, will be funded through a combination of new Atturra shares, debt financing, and existing resources, ensuring financial flexibility for future growth initiatives.

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