Verra Mobility to acquire Redflex Holdings for $113m
Verra Mobility, an Arizona-based company which provides smart mobility technology solutions will be acquiring Redflex, an Australian technology company that provides intelligent transport solutions, in a deal worth AUD 146.1 million ($113.25 million).
As per the binding agreement between the two companies, Verra Mobility will acquire 100% of the issued share capital of the Australian firm at AUD 0.92 per share.
The acquisition of Redflex will boost and strengthen Verra Mobility’s ability to provide innovative solutions and world-class services for all its customers and also partners.
David Roberts – CEO of Verra Mobility said: “We are delighted at the prospect of welcoming the Redflex team and their customers to the Verra Mobility family.
“We are incredibly excited for this step forward in building the Verra Mobility of the future, expanding our portfolio of safe city solutions, and solidifying our position as a global leader in smart transportation.”
The merger of the two companies will not only enable global delivery of road safety products and services, but will also result in increased resources, scale, enhanced technology capabilities, and an expanded global reach, said Verra Mobility.
Mark J. Talbot – Redflex Group CEO said: “The combination is expected to provide significant benefits for all stakeholders and will further strengthen the service and innovation that Redflex delivers to its worldwide customer base. The agreement is a strong endorsement of the quality of the Redflex business, the achievements of Redflex’s strategic initiatives over the last few years, and the strategic value we can add to a leading industry player such as Verra Mobility.”
The transaction will be carried out through a scheme of arrangement under Australian law. The acquisition is expected to close in May 2021 once it satisfies all the customary conditions, including the approval of Redflex shareholders, and necessary regulatory and court approvals.