Procurri Corp. said Friday it agreed to a non-binding letter of interest (LOI) to sell its third-party hardware maintenance (TPM) business to Park Place for US$115 million.
The deal is subject to due diligence and to formal approvals from Park Place’s board and its equity fund majority holders, Procurri said in a filing to SGX. The consideration will be paid in cash, the filing said.
Park Place is a private equity-sponsored third-party maintenance company supporting assets in more than 141 countries and with more than 1,300 employees, the filing said.
Procurri said it has entered an exclusivity agreement for talks on the TPM business through end-year, subject to three 15-day extensions.
But the company noted the LOI is non-binding.
“The LOI states that it does not constitute a binding offer by Park Place capable of acceptance and should not be construed as creating any legally binding commitments or obligations,” Procurri said. “There can be no assurance that any transaction will eventually materialize,” or that the terms of any deal won’t differ from the LOI.
Procurri requested the trading suspension on its shares be lifted, effective Monday.