e2v technologies plc (E2V.L) announced that it has agreed to acquire Seville-based Innovaciones Microelectronicas SL, trading as 'AnaFocus', a Spanish designer and developer of CMOS (Complementary Metal Oxide Semiconductor) imaging sensors for up to 34.2 million euros.
e2v expects the deal to be marginally earnings accretive in the financial year ending 31 March 2015 and earnings accretive in the financial year ending 31 March 2016. The Group expects the acquisition to complete during September 2014.
AnaFocus designs and develops CMOS image-sensors and vision-systems for the industrial, professional, scientific, medical and high-end surveillance markets.
The initial cash purchase price of 29.2 million euros is made up of 26.5 million euros cash consideration for the business, and assumed net debt of 2.7 million euros. The AnaFocus management team is staying with the business and can achieve an earn-out of up to 5 million euros in cash, dependent on value generating 'stretch' integration targets including revenue growth.
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