ZAGG Inc. (NasdaqGS:ZAGG) acquired Halo2Cloud LLC for $43.2 million on January 3, 2019. The sellers were Greg Castanza, Douglas Cohen, Anthony Czarzasty, Garold Miller, Michael Reinking, Benjamin Prince, Michael Silva and Nathan Weinstein, The Weinstein Family Trust, Stacey T. Weinstein and Patrick Keenan. ZAGG paid $19.3 million in cash at closing, issued 1,457,627 shares of ZAGG common stock subject to a twelve month lock-up and held back a cash amount of $9 million. The holdback amount comprised a $4 million indemnity amount and $5 million to be released contingent on the 2019 performance of Halo2Cloud based on adjusted EBITDA. The purchase price is subject to adjustment within ninety days of the acquisition date based upon the final determination of Halo2Cloud’s working capital, indebtedness and sellers’ transaction expenses as set forth in the agreement. The purchase was financed using a portion of existing cash balance and borrowings under the existing credit facility with KeyBank National Association, ZB, N.A., and MUFG Union Bank, N.A. Jeffrey M. Jones, Esq. from Durham Jones & Pinegar P.C. acted as legal advisor to ZAGG. Lewis N. Segall and Douglas Stransky from Sullivan & Worcester LLP acted as legal advisors to Halo2Cloud in the transaction. ZAGG Inc. (NasdaqGS:ZAGG) completed the acquisition of Halo2Cloud LLC on January 3, 2019.