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Eurosports Global to pay $1.5m for 60% stake in 3 companies

Published on Jun 20, 2014 9:47 AM

SINGAPORE - Luxury automobiles distributor Eurosports Global said on Friday it has agreed to buy a 60 per cent stake in Autoinc Sports, Autoinc Lifestyle and Birel Singapore.

It will pay $1.5 million for the stakes, which it is buying from Mr Benjamin Solomon Tan, the Singapore-listed company said.

On top of that, it will pay another $100,000 to $300,000, if the net profit of the target companies is at least $800,000 during the 12 months from the date the acquisition is completed.

Autoinc Sports is an automobile broker specialising in sports cars and luxury cars, while Autoinc Lifestyle offers a range of car care services. Birel Singapore sells go-karts and provides maintenance and storage services for go-karts.

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