Trading firm Li & Fung buys UK's Visage Group

Hong Kong-based trading firm Li & Fung continues its acquisition spree, agreeing to pay up to $264 million to strengthen its presence in Europe.

Hong Kong-based trading firm Li Fung has acquired UK-based Visage Group for up to 173 million $264 million to expand its presence in Europe.

The price is split into an upfront consideration of 55.5 million, of which 13 million has been paid in cash and the balance in loan notes an additional guaranteed consideration of 2 million that is also payable in loan notes -- 1 million to be redeemed after one year and 1 million to be redeemed after two years and a contingency payment of 115.5 million, payable only if the business meets certain defined earnings before tax targets that have been agreed between the buyer and the seller.

The contingency payment...

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