Adult Shop Limited has entered into an agreement to acquire 100% of Australia's leading adult mail-order and distributor, AXIS, with the deal expected to be finalized by July 2000.
The acquisition is in consideration of AUS$1 million in cash, 3.2 million of shares plus options and is subject to due diligence.
AXIS owns the copyright on the largest library of adult videos and DVD titles in Australia and New Zealand, and is said to have the largest customer base of any adult mail-order company in Australia. It's also the largest wholesaler of adult videos and DVDs, and supplies Australia's cable channels and many of its hotels with adult films and videos. The purchase also includes Redstone Films, Australia's leading producer of adult features.
