The board of directors of TravelSky announces on Wednesday afternoon a "definitive share purchase agreement" with GuestLogix Ireland Limited, a wholly-owned subsidiary of GuestLogix Inc. in respect of the acquisition of all of the shares in OpenJaw Technologies Inc. owned by GuestLogix Ireland.
Closing of the OpenJaw transaction is scheduled to occur on or before May 6, 2016 (Eastern Time) and will be subject to the approval of the Ontario Superior Court of Justice.
Upon the acquisition, OpenJaw will become a wholly-owned subsidiary of the TravelSky.
The value of this deal has not been announced as of 5:00 PM GMT+8 April 6 2016.
As of September 30, 2015, GuestLogix had assets totaling about US$85 million, including those of OpenJaw, while it had liabilities totaling of about US$45 million. (Both numbers are on a consolidated basis.)
Tnooz reported earlier that the announcement of the acquisition was expected this week.