U.K.-based Gooch & Housego PLC (GHH), a manufacturer of optical components & systems on Wednesday announced that it has agreed to acquire U.S.-based Global Photonics for a total consideration of $17.5 million on a debt/cash free basis.
The consideration comprises cash consideration of $8.75 million, funded from existing resources, together with $8.75 million of new G&H shares to be satisfied by the issue of new G&H ordinary shares. The number of shares would be determined based upon the market price of G&H shares in the ten days prior to the completion of the acquisition.
Completion of the acquisition is expected in the coming few weeks. A Lock In deed would be executed on completion of the transaction requiring the shares to be held for a period of not less than one year.
The acquisition is expected to slightly add to earnings in the current financial year and increasingly earnings enhancing thereafter.
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