163 ANNUAL REPORT 2023 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 5. INVESTMENT IN SUBSIDIARIES AND AMOUNTS DUE FROM/(TO) SUBSIDIARIES (CONT’D) Acquisition of businesses in 2023 (cont’d) Acquisition of business in United States (cont’d) Transaction costs Transaction costs relating to the acquisition of USD 138,000 (approximately $186,000) were recognised in the “administrative expenses” line item in the Group’s profit or loss for the year ended 31 December 2023. Goodwill arising from acquisition The goodwill arising from the acquisition of Radio One comprises the value of expanding and strengthening the Group’s market position in provision of radio communication business and solutions in the United States. Impact on the acquisition on profit or loss Since the acquisition date, Radio One has contributed USD 15,883,000 (approximately $21,364,000) of revenue. If the business combination had taken place at the beginning of the year, revenue contributed would have been USD 17,267,000 (approximately $23,231,000). Acquisition of businesses in 2022 Acquisition of business in New Zealand, Australia and United Kingdom In December 2022, a wholly-owned subsidiary of the Group, CSE Technologies Pte Ltd and its subsidiaries (collectively referred as “CSE Technologies”) acquired 100% of the issued share capital in Logic Wireless Limited, Logic Wireless Pty Ltd and Logic Wireless Europe Limited (collectively referred as “Logic Wireless”) for a consideration of NZD 25.8 million ($21.9 million). The acquisition allowed the Group to expand and extend its existing radio communication business and solutions to its customers in New Zealand, Australia and United Kingdom (“UK”).
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