Teaminvest’s Enva Acquisition Terminated Due to Delays

Teaminvest Private Group Limited (ASX:TIP) has announced the termination of its proposed acquisition of 100% of the shares in Enva Australia Pty Ltd and Enva Holdings Pty Limited, collectively known as Enva. The initial announcement of the conditional agreement was made on March 6, 2023. According to the announcement, the completion of the Proposed Transaction was subject to certain conditions precedent. Due to ongoing delays in fulfilling these conditions, Teaminvest has reached an agreement with Enva’s vendors to terminate the transaction under a deed of termination and release. Teaminvest emphasized that the termination will not affect the company’s current or historical financial performance. The FY24 Annual Report, released on August 22, 2024, clarified that Enva’s financial statements and performance were not consolidated into Teaminvest’s statutory accounts. Despite the termination, Teaminvest maintains a positive relationship with Enva’s existing owners, including its founder and staff. The two companies continue to share office space in Adelaide. The announcement was made by Andrew Coleman, Chief Executive Officer of Teaminvest Private Group Limited.