Pakistan’s leading IT Company TRG Pakistan has announced that its associate company, The Resource Group International Limited (TRGIL), has successfully concluded the sale of all its holding in subsidiary company Etelequote Limited as per the terms and conditions decided previously. As per the notice, the sale has concluded on 1st July 2021.
Previously, a notice by TRG has mentioned the value of the eTELEQUOTE at $600 million and implied equity value at closing is around $450 million while estimated consideration for TRGIL is $309 million including the purchase price escrow and $15 million in note payable one year after closing.
In addition to the above consideration, there is a potential earn-out of up to $35 million payable to TRGIL over the next two years, contingent on the successor Company meeting certain financial targets in 2021 and 2022.
US Based Primerica Inc., a leading provide of financial services in USA, has acquired the TRG Subsidiary. Management of TRG has mentioned that it may pay dividends from the income earned from this transaction.
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