SYDNEY: Teaminvest Private Group Limited (ASX:TIP) announced Tuesday the termination of its agreement to acquire Enva Australia Pty Ltd and Enva Holdings Pty Limited, citing unresolved conditions for the deal.
The company initially disclosed the conditional acquisition on March 6, 2023, but said ongoing delays in meeting prerequisites led to the decision. A deed of termination and release was mutually agreed upon with Enva’s vendors.
In a statement, Teaminvest emphasized the termination would not affect its financial performance, as Enva’s results were never consolidated into its statutory accounts. The company’s FY24 Annual Report, released in August 2024, had already reflected this separation.
Despite the failed transaction, Teaminvest maintains a collaborative relationship with Enva’s founders and staff. The two companies continue to share office space in Adelaide under a lease held by Teaminvest.