Thalassa Holdings: Shares rise after it agrees $30M sale of WGP Group




Shares in Thalassa were up 18% at 83.6 pence on Tuesday.

Thalassa Holdings Ltd said on Tuesday it has reached an agreement with an unnamed third party to sell subsidiary WGP Group Ltd for USD30 million, with the buyer also investing in its other subsidiary Autonomous Robotics Ltd.

Thalassa said it has reached a preliminary agreement for the sale of its marine geophysical services subsidiary WGP. The proposed consideration of up to USD30 million consists of an upfront payment of USD20 million and a potential USD10 million performance based earn-out.

Thalassa said the third party also proposes to invest USD2 million to acquire a 20% equity state in GO Science Group Ltd, the parent of Autonomous Robotics, with a two-year option to purchase the same number of shares at the same price.

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