Tarsus Group has said its US subsidiary has entered into an option agreement to acquire the remaining 19.9% of Tarsus Connect it does not already own from Connect Holdco Inc.
Tarsus Connect is a US business travel and events company, specialising in arranging meetings on an invitation-only, appointment-based format.
The price will be calculated based on Tarsus Connect's prior year earnings before interest, tax, depreciation and amortisation but is capped at US$18.8m.
The option to buy was exercisable by either Tarsus or Connect Holdco up until 2025, and could be extended if both parties choose to do so.
Tarsus Managing Director Doug Emslie (pictured) said: “Tarsus Connect has proved to be a great acquisition for the group and we look forward to expanding and growing the business further in the years ahead.
“Acquiring outstanding minority interests is a key part of our 'Quickening the Pace 2' strategy and I am delighted to agree this option arrangement.”