165 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 2022 (cont’d) Acquisition of business in New Zealand, Australia and United Kingdom (cont’d) Goodwill arising from acquisition The goodwill arising from the acquisition of Logic Wireless comprises the value of strengthening the Group’s market position in radio communication businesses in Australia and New Zealand. Impact on the acquisition on profit or loss Since the acquisition date, Logic Wireless had contributed NZD 3,133,000 (approximately $2,680,000) of revenue. If the business combination had taken place at the beginning of the year, revenue contributed would have been NZD 47,532,000 (approximately $41,991,000). Deferred consideration arrangement As part of the purchase agreement with the previous owner of Logic Wireless, a deferred consideration will be payable after 24 months from the acquisition date. Acquisition of business in Australia In March 2022, a wholly-owned subsidiary of the Group, CSE Crosscom Pty Ltd (“CSE Crosscom”) acquired 100% of the issued share capital in General Communications Pty Ltd (“GenCom”) for a consideration of AUD8.0 million ($8.1 million). The acquisition allowed the Group to continue to expand its business in the provision of telecommunications products and services in Australia.
RkJQdWJsaXNoZXIy NTM2MDQ5