LONDON (dpa-AFX) - Halma Plc (HLMA.L) announced two acquisitions and a disposal, which are related to the group's Health and Analysis Sector. Halma acquired the trade and assets of Sensorex Inc. on April 2, 2012. Sensorex is being acquired from private shareholders. The cash consideration is $37.5 million and is adjustable Dollar for Dollar based on the level of net tangible assets at closing.
The acquisition, which is expected to be immediately earnings enhancing, has been funded from Halma's existing cash and debt facilities.
As part of the deal, Sensorex will join Halma's Health and Analysis sector within the Water sub-sector which already includes the water analysis business Palintest.
Further, Halma said it acquired Accutome Inc. also on April 2, 2012 from private shareholders and management. The initial cash consideration is $20 million and is adjustable Dollar for Dollar based on the level of net working capital at closing. Contingent consideration of up to $5 million is payable on earnings growth in the period to September 2013 exceeding a pre-determined target.
Halma targets Accutome acquisition to be immediately earnings enhancing. This deal has been funded from Halma's existing cash and debt facilities.
Accutome will join Halma's Health and Analysis sector within the Health Optics sub-sector which already includes Keeler, Volk, Riester and Medicel.
Halma also said that, on March 30, 2012, it closed the disposal of Volumatic Ltd. to Project Counter Ltd., a management buy-out vehicle funded by NVM Private Equity Ltd.
Cash consideration of 5.9 million pounds was paid at completion of which 1.5 million pounds was retained in escrow and will be released to Halma on attainment of an agreed performance target. Additional contingent consideration of up to 2.4 million pounds is payable upon the attainment of pre-determined sales levels over the two years to March 2014 giving a total maximum cash consideration of 8.3 million pounds if all performance targets are achieved.
Copyright RTT News/dpa-AFX
© 2012 AFX News
