CANBERA (dpa-AFX) - Instrumentation and controls company Spectris plc (SEPJF.PK, SXS.L) announced Friday that the company and Macquarie Corporate Holdings Pty Limited have agreed to divest their EMS Brüel & Kjær or EMS B&K joint venture.
The companies are selling the JV to Envirosuite Limited, an Australian environmental management technology company.
For its share, Spectris will receive A$35 million cash, less repayment of EMS B&K's debt facility on completion, and 10 million shares in Envirosuite.
EMS B&K provides environmental monitoring services to airports, cities, mines and construction companies. It is jointly majority owned by Spectris and Macquarie, with equal 45% shareholding interests. The JV's management holds the remaining minority interest.
Spectris said the transaction is conditional only on approval by Envirosuite's shareholders at a meeting to be held in late February 2020.
The completion of the deal is expected to take place shortly thereafter.
Copyright RTT News/dpa-AFX