Specialist electronics supplier Acal Plc. (ACL.L) Friday said it has entered into a conditional agreement to acquire the Myrra Group through the acquisition of its holding company, Aramys SAS, for an up-front cash consideration of 9.5 million euros or 8.3 million pounds, subject to certain post-completion adjustments.
A future payment of up to a maximum of 1.8 million euros will be payable in March 2016 subject to the Myrra Group's performance over the three year period to December 31, 2015 following completion. The deal is expected to be immediately enhancing to underlying earnings.
The Myrra group designs and manufactures customised magnetic electronic products generating sales of 20.8 million euros and an underlying operating profit of 1.7 million euros in the financial year ended December 31, 2012.
The deal will strengthen Acal's Electronics division and enhance the group's customisation and development capabilities. It will develop the company's geographic profile in Europe and Asia, while creating potential to cross sell products across geographical regions.
Acal said the acquisition is highly complementary to the group's existing businesses and is a further step in its stated strategy of growing its position in the specialist electronics market.
Funding will be provided through a combination of a new debt facility of 8.0 million pounds and a cash placing of around 6.1 million pounds, before expenses, predominantly from existing shareholders.
Any remaining net proceeds will be used for working capital purposes and for future acquisitions which meet the company's criteria.
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