APM to purchase Konekt

Privately-owned Perth company APM has struck its third takeover deal in the space of a year, announcing a $51 million takeover agreement with ASX-listed Konekt

The takeover deals have all been transacted since Quadrant Private Equity acquired a majority shareholding in APM and former EY partner Michael Anghie was appointed chief executive.

APM, also known as Advanced Personnel Management, has agreed to pay 49 cents cash per share for Konekt.

This is a 69 per cent premium to Konekt’s last trading price prior to the announcement of the takeover scheme and values Konekt at $51.8 million.

Konekt directors holding 23 per cent of the company’s stock have recommended shareholders vote in favour of the takeover.

In a statement, Mr Anghie said he was excited to being together two complementary businesses.

Konekt has 700 staff across Australia and provides employment placements, workplace injury management and workplace health services.

APM has 6,000 employees across 10 countries and provides a range of health, employment, rehabilitation and psychological services on behalf of government and private clients.

APM acquired UK-based Ingeus in November 2018 and Sydney-based online learning organisation MCI in February this year.