Challenger acquires ferris wheel business

16th Jul 2015 16:47

(ShareCast News) - Challenger Acquisitions has picked up ferris wheel business Starneth in a reverse takeover deal worth more than €7.2m.Total consideration for the sale under a share purchase agreement was €7.2m plus 30% of earnings over €1.267m for the next three years.Challenger has also paid €1.25m in cash and will pay two further cash payments of the same amount. The rest of the transaction will be apdi in shares valued at £0.75 per share, Challenge said in a statement.Executive chairman Mark Gustafson said the acquisition provided a global platform in the attractions sector for Challenger.The company's shares remained suspended because the deal was a reverse takeover