LONDON (dpa-AFX) - Spectris plc (SXS.L) said that it has agreed to acquire Micromeritics Instrument Corporation for an upfront consideration of $630 million plus a deferred element up to $53 million based on agreed financial performance metrics in 2024 and 2025.
The acquisition is to be funded by a combination of existing cash resources and new external debt. The transaction is expected to complete in the third quarter.
Spectris would expects leverage for the Spectris to be about 1x by the end of 2025 including the completion of the remainder of 150 million pounds buyback programme and acquisition of SciAps.
Spectris expects the acquisition of Micromeritics to be accretive to earnings per share in the first year following completion.
Upon completion of the transaction, Terry Kelly, CEO and President of Micromeritics, will be appointed President of Malvern Panalytical. In his role, Terry will lead Malvern Panalytical and oversee the integration of both Micromeritics and SciAps.
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