Disruptive Investment Group to acquire 100% of iBuyNew
The technology investment company Disruptive Investment Group, is set to acquire the remaining 50% stake of iBuyNew, ahead of time for $5.9 million.
Currently DVI owns a 50% stake in Find Solutions Australia Pty Ltd (FSA), the owner of iBuyNew, with the option to purchase the remaining 50% in 2019. However, DVI’s Board has recently announced that DVI has entered into a binding term sheet (Term Sheet) to push forward this option to acquire the remaining stake.
The deal is expected to be completed by 1 July 2016 subject to approval from shareholders.
iBuyNew connects prospective buyers and investors in Australia with over 2,700 new and off the plan properties and DVI firmly believes in this growing and profitable business.
Mark Mendel, the Founder and CEO of iBuyNew will continue to lead the business and has agreed to accept almost 75 per cent of the purchase price in DVI script.
He will also join the DVI board as an executive director subject to shareholder approval.
“We are very pleased to have entered into this binding Term Sheet. iBuyNew is a technology business disrupting a huge industry in a remarkable way, and Mark Mendel has proven to be a strong and capable operator. Revenue is increasing rapidly, the business is delivering earnings, and we have a huge market to conquer,” said Dr Adir Shiffman, non-executive director and chairman.
Andrew Jensen, currently a non-executive director of DVI, will become an executive director of DVI.
We are very excited about the opportunities ahead of us and look forward to growing the iBuyNew business even further.
Published on 1st of April 2016 by Marty Stanowich