June 11, 2010 (FinancialWire) — Liquidity Services, Inc. (NASDAQ: LQDT), a firm that offers online marketplaces for surplus assets, said it has agreed to acquire Network International, Inc. in an all cash transaction.

Texas-based Network is an online marketplace for the sale of idle, surplus and used equipment in the oil and gas, petrochemical and power generation industries.

LSI said it will retain the current Network management team and employees post closing and that Network will operate as a part of LSI’s Commercial Asset Recovery Division.

The company said that it expects the deal to add around $45 million of annual gross merchandise volume and, excluding one-time deal expenses, to be neutral to its fiscal year 2010 earnings results and two cents per diluted share accretive to its fiscal 2011 results.

Terms of the deal include an up front payment of around $7.5 million in cash plus additional cash payments of up to $7.5 million based on Network’s future earnings before interest, taxes, depreciation and amortization performance over an 18 month period after closing.

The acquisition is scheduled to close in June 2010.

Washington, D.C.-based Liquidity Services provides corporations, public sector agencies and buying customers online marketplaces and integrated services for surplus assets. The company deals in more than 500 product categories, including consumer goods, capital assets and industrial equipment.

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