TRG Pakistan Limited (PSX: TRG) has announced that its associate, The Resource Group International Limited (TRGI), has finalized a definitive agreement with its portfolio company, IBEX Limited (Nasdaq: IBEX). Under this agreement, IBEX has repurchased approximately 3.56 million of its shares from TRGI.

The total consideration for the transaction amounts to $70 million, comprising $45 million in cash and $25 million in seller financing. The purchase price was set at $19.65 per share, reflecting both the last closing price before the deal’s announcement and the five-day volume-weighted average trading price for IBEX common shares on the Nasdaq Global Market at the time of the transaction’s signing.

Following this repurchase, TRGI will continue to hold 1.8 million common shares of IBEX. The shareholder agreement between TRGI and IBEX, established in November 2017, will remain in effect. Additionally, IBEX retains the right to repurchase the remaining shares owned by TRGI within four years, contingent upon certain conditions being met.

Houlihan Lokey served as the financial advisor to TRGI for this transaction.

TRG, through its associate TRGI, primarily invests in a diverse portfolio focusing on the technology, IT-enabled services, and medicare insurance sectors.