SDI Group Plc (SDIG.L), a maker of scientific and technology products, on Friday announced acquisition of Collins Walker Ltd, a maker of electric boilers, offering bespoke steam and hot water systems for industrial applications, for a net consideration of about 1.85 million pounds.
The acquisition will give SDI a strategic entry into the highly regulatory-driven electric boiler sector, an expanding market boosted by net zero regulations. The addressable market for Collins Walker is currently estimated at $255 million.
Stephen Brown, CEO of SDI Group, said: "The integration of Collins Walker with Applied Thermal Control's manufacturing and operational capabilities, will reduce current capacity constraints and provide a platform for accelerated market penetration."
Excluding cash acquired, net consideration for the acquisition is 1.85 million pounds, which can go up to a maximum of 1.95 million pounds. Total consideration, including acquired cash, is expected to be 2.12 million pounds, with a potential to go up to 2.22 million pounds.
Initially, 1.75 million pounds will be paid in cash, with a further 0.1 million pounds to be paid on the finalization of the completion accounts. The acquired cash is 0.27 million pounds, 0.22 million pounds of which will be paid in cash on completion and a further 45,000 pounds will be paid on finalization of completion accounts.
A balancing cash payment of up to 0.1 million pounds may be made after finalization of the completion accounts and depends on the final net assets of Collins Walker, the company said in a statement.
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