Impax Asset Management Group plc (AIM:IPX) entered into an agreement to acquire 83.3% stake in PAX World Management Corporation from the Shadek family and others for $75.5 million on September 18, 2017. Under the terms of the agreement, Impax Asset Management will pay $44.2 million at closing of the transaction in cash and stock and will additionally pay up to $31.3 million based on certain performance of PAX. The closing consideration of $44.2 million will comprise of $38.1 million payable in cash and $6.1 million payable via issue of new shares in Impax, subject to certain balance sheet adjustments for working capital, debt and expense. Shares to be issued to the Shadek family are subject to a lock-up period of 12-months. The additional payment of $31.3 million will be payable in cash within 45 days from January 1, 2021 based on certain performance targets and will be funded from revolving credit facilities and ongoing cash flows. In relation to the transaction, PAX World’s management shareholders owning the other 16.7% stake in PAX World have the put options and Impax Asset Management has the call option for the remaining 16.7% stake in PAX World for $8.3 million and contingent payments of up to $6.3 million to be exercised in 2021. The closing consideration will be funded through debt facilities of $26 million and Impax’s existing cash. Impax has entered into a $26 million facilities agreement with the Royal Bank of Scotland for a $13 million three-year term loan and $13 million five-year revolving facility. Post-transaction, PAX will be renamed as Impax Investment Management (US) LLC. For the financial year ending December 31, 2016, PAX reported net revenues of $26.3 million, EBITDA of $4.4 million and profit before tax of $4.3 million. Management teams of both Impax Asset Management and PAX World Management will remain in place. Joe Keefe, PAX's President and Chief Executive Officer will continue to lead PAX, reporting to Ian Simm, Impax's Chief Executive Officer, and is expected to join the board of Impax Asset Management Ltd (Impax Asset Management Group’s subsidiary in London). The transaction is subject to approval by the shareholders of the mutual funds managed by PAX, PAX’s asset under management being more than $3.4 billion, Impax must receive consent from the Financial Conduct Authority that Impax's application for a capital waiver is acceptable, a majority of Impax's shareholders voting on the resolution and other customary conditions. The transaction is conditional upon admission of shares on London Stock Exchange. As of September 18, 2017, Impax has received irrevocable undertakings to vote in favour of the resolution from shareholders representing 48% of its issued share capital. As of October 18, 2017, the transaction is approved by Impax Asset Management's shareholder. As of November 29, 2017, the transaction is expected to close by the end of February 2018. As of January 15, 2018, the transaction is expected to close by January 18, 2018. Guy Wiehahn and Rishi Shah of Peel Hunt LLP acted as nominated financial advisor for Impax. Spencer House Partners LLP acted as financial advisor for Impax. Broadhaven Capital Partners, LLC acted as financial advisor for PAX. Alexandra Saville of Prosek Partners and Mike Boccio of RF Binder acted as US public relation advisor to Impax. Impax Asset Management Group plc (AIM:IPX) completed the acquisition of 83.3% stake in PAX World Management Corporation from the Shadek family and others on January 19, 2018.