Global Invacom Group's proposed acquisition of Tactilis terminated

Singapore

SATELLITE communications equipment provider Global Invacom Group (GInva) and vendor, Tactilis Pte Limited, have decided to mutually terminate GInva's proposed acquisition of Tactilis Sdn Bhd after failing to fulfil all the conditions in the sale and purchase agreement (SPA).

In a filing to the Singapore Exchange on Sunday, GInva said that all fees, costs and expenses relating to the proposed acquisition would be borne equally by itself and the vendor. The break fee of US$20 million under the SPA is also being waived.