Bluehill ID AG has announced that it has successfully completed the acquisitions of Multicard AG and TagStar Systems GmbH.
The acquisitions were completed following the approval of the General Assembly of Bluehill ID AG on July 25, 2008 and of the Board of Directors based on a certified capital increase report from the company auditors. The total consideration of the transaction consisted of the issuance of 4'400'000 new shares, as well as a cash payment of CHF 2'276'459 and includes the assignment of loans of CHF 1'490'092 from the sellers to Bluehill. In addition, the transaction includes agreements for earn out payments based on the achievement of sales and profit targets. Bluehill ID expects this transaction to be accretive to earnings in 2008.
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