Attachment: Notes from meeting with Steve Eagle, finance director of the CS Group
Acquisition of Canary Co
The most significant event for the CS Group this year was the acquisition of Canary Co, which took place on
1 February 2012. Crow Co purchased all of Canary Co’s equity shares for cash consideration of $125 million,
and further contingent consideration of $30 million will be paid on the third anniversary of the acquisition, if the
Group’s revenue grows by at least 8% per annum. Crow Co engaged an external provider to perform due diligence
on Canary Co, whose report indicated that the fair value of Canary Co’s net assets was estimated to be
$110 million at the date of acquisition. Goodwill arising on the acquisition has been calculated as follows:
