(By Balaseshan) Liquidity Services Inc. (NASDAQ:LQDT), an auction marketplace for surplus and salvage assets, said it has completed the acquisition of London-based GoIndustry DoveBid Plc for all-cash consideration of $31 million.
The company acquired GoIndustry DoveBid for 73 pence per share and assumed indebtedness, or total transaction price of $31 million. Liquidity Services expects the transaction to be neutral to fiscal 2012 earnings, and one to three cents per share accretive to fiscal 2013 results.
The acquisition of GoIndustry enhances Liquidity Services' ability to deliver surplus asset management, valuation and disposition services to large enterprises across North America, Europe and Asia.
In addition, the acquisition further expands Liquidity Services' leading online marketplace for surplus assets, adding over 458,000 professional buyers and more than 1,000 annual online sales events on the go-dove.com website across a broad range of industrial capital assets.
Through offices in over 20 countries and its proprietary AssetZone asset management platform, Liquidity Services and GoIndustry enable clients to strategically manage investment recovery activities across global locations consistently, transparently and in compliance with company, domestic and international rules and regulations.
GoIndustry serves a large, active client roster of leading global manufacturers across multiple industries, including aerospace, consumer packaged goods, electronics, pharmaceutical, technology and transportation, and asset-based lenders.
Current GoIndustry clients include BAE, Bosch, Covance, Ford-Europe, Honeywell, Ingersoll-Rand, Pfizer, Renault, and Visteon, as well as asset-based lenders, Barclays, HSBC, Lloyds, JP Morgan, PNC, RBS and Siemens Financial.
LQNT is trading up 5.68% at $42.45 on Thursday. The stock has been trading between $19.89 and $66.57 for the past 52 weeks.