Codan Ltd expands its Zetron Communications business into the United Kingdom, Europe, and the Middle East through the acquisition of Eagle.

The binding agreement has been completed with the acquisition of 100% of Eagle Newco Limited.

Codan expects to spend an additional A$3 million in setup and integration costs over the next 12 months.

Eagle is expected to marginally contribute to Codan’s FY24 profitability.

The acquisition has been completed with a total consideration of A$22 million, funded by the company’s existing debt facility.

In year 2, the Eagle business will be earnings-per-share accretive for Codan.