LONDON (dpa-AFX) - Halma plc (HLMA.L), a safety, health and environmental technology group, announced Friday the acquisition of Navtech Radar Ltd. he initial cash consideration is 21 million pounds on a cash- and debt-free basis.
The company said the initial cash consideration is funded from Halma's existing facilities. Further earn-out considerations, capped at a total of 18 million pounds, are payable in cash, dependent on profit growth in each of the three financial years to the end of March 2021.
The acquisition is expected to be immediately earnings enhancing.
Oxfordshire -based Navtech is a provider of innovative radar surveillance and safety solutions for use in highway monitoring, perimeter security and industrial applications. Navtech's revenue in the year to 31 March 2018 was 6.2 million pounds.
It will now become part of the Group's Infrastructure Safety Sector. The existing management team will remain with the business.
Andrew Williams, Halma's Chief Executive, said, 'It has valuable IP in radar-based hardware and software solutions and also adds a new presence in the fast growing highway and critical infrastructure safety market niches. As well as adding these new capabilities to the Group, I am confident that Navtech will benefit from all of Halma's strategic Growth Enablers, including International Expansion and Digital Growth, to accelerate and sustain growth in the future.'
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