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Oxford Instruments To Buy German Raman Microscopy Imaging Solutions Firm WITec For €42 Mln

Oxford Instruments Plc (OXIG.L), a provider of technology and tools for research and industry, announced Wednesday the acquisition of WITec Wissenschaftliche Instrumente und Technologie GmbH, a German provider of Raman microscopy imaging solutions, for a cash-free, debt-free consideration of 42 million euros.

In the deal price, 5 million euros is conditional on trading performance over a period of 12 months following completion.

Completion of the acquisition is subject to regulatory approval by the Federal Ministry for Economic Affairs and Energy (BMWi) in Germany. These conditions are expected to be satisfied during the second quarter of Oxford Instruments''s financial year.

The company said the acquisition is in line with its strategy of supporting customers in attractive end markets, enhancing its portfolio of solutions for a range of applications including semiconductors, life science and advanced materials.

WITec's revenue for fiscal 2020 was 18.2 million euros or 15.7 million pounds, with return on sales below the average for the Group.

Ian Barkshire, Chief Executive, Oxford Instruments said, "WITec's leading Raman microscopy solutions are a great complement to our existing products and techniques. Raman microscopy is an important and widely used technique across academic and commercial customers for fundamental research, applied R&D and quality assurance / quality control."

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